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I am an attractive female who just got my associate dgree in Economics from ITT Tech. I very much want to be an on air personality on CNBC. I am a very good cheerleader for the stock market. To be sure I get the job which of the following should I sleep with? Steve Liesman, Jim Cramer, Joe Kernan, Larry Kudlow or Rick Santelli?
Becky Quick. Oh wait she is Warren's ho.
There is NO more Switzerland in the classic sense.
To join the IMF their currency could not be backed by gold - so in 2000 they obliged.
Expect nothing but more stupidity!
Doesn't matter which one... the top layer of skin will have to come off, if it does wash off.
The Swiss only want one thing : that their money does not become a punching bag in the world currency war game. They have a REAL economy and jobs to protect; they are not all mad hedge funders, expression of current madness of the dregs of the earth.
If that were the case, their currency would still be backed by gold!
The rush to gold is an archaic knee jerk that is justifed as financialised capitalism, à la amerikan, dies before our eyes, and takes down with it all who beieved in it: ie; the three pillars of west economies.
So don't blame the Swiss for not having a gold backing, they got caught up in this shit storm like all the others. Now they have to broaden their money base as the ISSUE today will become LACK OF LIQUIDITY in the banking sector.
The de facto gold standard base today is very narrow. There is not enough gold around to stop the fiat ponzi from killing the real economy. Gold hoarding just takes money out of the real economy and puts it into temporary deep freeze. The Swiss have to make a living and sell their stuff. So they buy into the Euro stability ponzi along with the others. Its a race to the bottom with NO winners...
This whole scam is a PRIVATE BANK SECTOR SCAM FROM DAY ONE. The sovereign debt has arisen to save the private sector oiligarchs from going down and they are still doing it. Its cause and effect. But the root cause is the private sector madness.
Other than Falak, the comments above are not accurate. The swiss want their currency weakened to protect exporters. This strategy is working so far.
Lesson learned? : do not try to store value in a currency in the middle of a currency war.
Other than your's and falak's comment, the above are accurate.
Yes, the Swiss exporters are getting hurt. And yes, Switzerland is now trying to devalue their currency to stop that (one has to love the euphemism "broaden their money base".)But unless the SNB will buy up nearly infinite amounts of EUR and therefore eat tons of losses when their intervention stops/fails, it's not going to work.
And to believe that Switzerland is going to quasi-permanently peg to the EUR is laughable.
Next step, which by the way will work a lot better for the Swiss, is capital controls for foreigners.
Actually, all of the comments above are only partially correct.
My point was that gold is a safer bet than currencies in a currency war. And I said the swiss strategy was working so far, but I don't think it is sustainable. And as Milton said, the Euro is doomed from its inception.
Then we are in agreement! <hat tip>
Buying gold doesn't take money out of the economy, dude. It transfers the money from one holder of gold to the other.
CBs don't redeem paper money for gold any longer.
well, it's also a matter of that the rest of the currencies can't have everyone flocking to CHF and making life hard for them. This is why FDR banned gold, because people were stampeding out of FRNs. On the flipside, the desire for safe haven is making life expensive for any exporter
can I watch
You will have to pull a train.
Throw another log in the fire.
Steve Liesman (please no, anyway he is into bald economics Professors from Princeton)
Jim Cramer (nah, all used up, can't get it up)
Joe Kernan (represents a different type of challenge)
Larry Kudlow (too effete, no need to sleep with him, just give him a good bottle of wine and a back rub)
Rick Santelli (yes, why not, just do not mention the Tea Party, and ignore the fact that he speaks like David Lee Roth but looks like the neighborhood Italian pastry chef)
Application Denied. Attractice females need not apply. Try ESPN
Go to the NJ studio after Jokernon gets off. Bring his daughter's book looking for an autograph wearing a tight red MCC sweater and a Right attitude about corporate fealty.
You are really clueless ain't you? Those that you mentioned are all small fries! If you are aiming to go all the way up to the top of a corporate ladder, you should open yourself to names like Rothschild, Warburg, Rockefeller, Astors, DuPonts, Guggenheims, Vanderbilts............Aim higher, don't lower your standard!
Try DSK, although not a media baron, he is big news and somewhat a lonesome cowboy these days. It would do your reputation of clueless hotty a lot of good if you survived a one night stand by his side. You'd get a AAA+ rating from S&P for being a rising star with a jet booster from a rooster in a place where it counts most; if you don't want to end up as toast in the sheeple crowd; without a PM hoard to show for your name, but thanks to your PHD degree in no holds barred, naked uneconomic play.
I recommend you sleep with me. I can do you as much good as Liesman, Kudlow or Cramer.
You wouldn't get much sleep with Cramer or Kudlow unless you brought some serious ear plugs with you.
He's a male.
Clueless Economist is hilarious and used to have Paul Krugman's photo as his avatar.
I wish he'd return to the old avatar because it was more consistent with his actually very funny sarc-baiting of Krugmanites & Keynesians.
I noticed you say this quite a lot.
They will do what ever the IMF tells them.
To be a part of the IMF their currency could not be backed by gold, so stupidly in 2000 they removed the gold backing.
Expect nothing but more stupidity.
I don't think the IMF is happy that the Swiss are pegging to the Euro.
Does anyone remember "property rights"? I have a sizable payment due me in CHF September 9th, the SNB just fooked me out of thousands in USD. Everywhere you turn there is no free markets and property is stolen as a matter of gubermint policy, ugh. I think I will leave it in CHF and see how long this intervention lasts.
Those CHFs are not your property, so the Swiss can do what they want with them.
Your failure to arrange your payments in US$ is your fault, not theirs.
The CHF/USD pair dropped sharply because the price went up sharply first; looking at the chart reveals that a kind of panic into the CHF took place; this made the trade pair attractive to professionals as a short. (The risk reward was better on the CHF/USD than the CHF/EUR). The "news" had nothing to do with it. This is shocking ignorance. If you just read the chart you could make money by taking advantage of the temporary foolishness expressed in the price behaviour. If you never read the news at all; which would be an excellent advice; the result would be exactly the same. The whole concept of a "Peg"; is childish nonsense. it's a waste of time to even discuss such a thing.
Im shocked it took this long. EUR/CHF parity was about to be real by tomorrow. Now you know why the margin hike for gold.
CHF margins were also hiked.
I believe this is an attempt to save the EURO, since the swissie is pegged to gold, this must be an end run to stabilize euro without going full gold peg. That means gold is undervalued by just a smidge.
CHF is not pegged to gold, for a long time now...
After Bretton Woods they 'adopted' an exchange rate. It was and always will be, stated against gold. Why in the world would it not move in lockstep with gold?
No, its the Euro that is floated against gold. The Franc is not pegged or floated to gold. It will be after the peg though.
As if the Swiss are trying to save the Euro out of the goodness of their heart.
Yes, the Swiss never really liked it when foreigners dumped their money into their banks....
yeah right. Who wants money.....
the age old dillema he:
Money > <industry
correction will be short lived since a peg would have to be politically agreedto and that takes weeks in CH.
come on a 6% move in a currency in 1 day, just sick and not sustainable
That's where you are wrong. The Swiss Franc is no longer pegged to gold since 2000. It has become a fiat currency like all the others.
The Swissie is no longer pegged to Gold............that went bye bye a while back.(Idiots)
They wish it were, and they had not like most CB's in thise days, dumped the reserves neccessary to back their currency w/Gold.
If it were backed by Gold, the WORLD would have already beat their doors completely down.
How much is it going to cost that minimum wage earner from Minnesota for a Big Mac in Zurich today?
It will always be worth 7 90% Silver dimes with a few copper pennies back in change.
there are no minimum wage earners from Minnesota in Zürich so who cares
The Swiss are trying to save whatever will remain of their exporters.
Does anyone buy Swiss watches anymore?
Does anyone wear watches???
What about chocolates (eating them, not wearing them)?
I think this will work, if lowering the exchange rate of the CHF is the goal.
Whether it's a good idea or bad idea, maybe Paul Krugman or another "government should interfere with markets at every opportunity, especially when externalities create comparative disadvantages" type economist can tell us the answer.
After which, they can explain to us what happened to Japan or what's soon to happen to China (or Amerkranski, for that matter).
The problem with the academics is that they so vastly fail to appreciate the laws of unintended consequences.
Markets are not a temperapedic mattress where you can jump up and down on them like a rabid Gorilla, while not waking your spouse up, let alone not knocking over the glass of red wine someone placed on top of the mattress.
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