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Swiss National Bank Intervention Epic Fail #2
Remember when way back at 3am EDT, the SNB "intervened" to keep the "massively overvalued" franc lower? Yeah, that lasted about 7 hours.
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Klassic!!
In other news GOLD IS BLASTING OFF!!!! YEEHAW!!! Oh and "they" are losing control of this fake economy... that could be why... Im sure another false flag is on the way to get your attention off this giant shit storm!!!
Avoid crowds. And big cities if possible.
O Robo, Robo, wherefore art thou Robo?
Deny thy father and refuse thy name;
Or if thou wilt not, be but sworn my love
And I'll no longer be a Capulet.
actually.... not. When gold goes up against CHF, then you can start saying gold is blasting off. The gold price in CHF has gone nowhere for months. What you are witnessing is merely the dollar deflating like a punctured balloon.
BOJ are probably wearing depends as they watch the dollar drop. Intervention any time now.
Isn't the CHF also going up due to the euro and dollar deflating like a punctured baloon?
<thinking cap on>
True. But everything is relative and in Euros and Dollars and Pounds gold is blasting off. Those 3 currencies make up 95% of all paper trade and where they go so goes the world. The Swissy will be defended with no success. It will go higher and higher. You are correct though because when gold really blasts off the whole world will be scratching their heads at how high it went against everything...
so... ok, this is just a sample of the real blast off. There. Better now? :)
Talk about slow learners!
How much did Hildebrand spend this time?
I believe it was around $80Billion that was "printed."
Gee, who could have seen that coming. And the worst part is that the SNB doesn't realize that it has ZERO influence over the Italian and Spanish banking crisis. Wait until they see what happens to CHF when the Belgian and Austrian banking disaster accelerates.
Well I did point this out on the earlier update...
Will this work?
In the short-term quite possibly as the rise of the Swiss Franc was getting very extended and the SNB may be able to claim a tactical victory. As time goes by though I am much more doubtful. The real world is rather different to theories and text books as for example there has been a high demand for the Swiss Franc and the SNB may end up simply supplying it! Indeed as the supply of Swiss Francs is limited as she has a small economy compared to the amount of “hot money” in the world in some respects it could make it look more attractive to the bigger players..
http://t.co/8KHe9CX
Time for 1970's style capital controls. Wasn't around for that one, but I have to wonder what it will do to the EURO if anything?
1970s? Dude this is the 1930s thru and thru.
I'll be the first to admit when I am wrong. Most countries didn't abolish their capital controls, which started inthe late 30's and early 40's, until the lat 70's.
Ouch. That is one expensive firework!
Anyone know the cost for one of these?
pods
So far hasn't it all just been talk of intervention. ZH had the statement posted earlier, I think it was an actual intervention with sales/purchases. So this one might have been free.
Looks like the cost to me is about a dollar an ounce. So far.
At this point it we are almost at the "whatever price you can get it for" price. With printing now fully sanctioned by the USA for the foreseeable future, it is almost time for a currency crisis. I mean, who the hell is going to buy all our debt at these rates if at all? The household sector (FED), lol. I still shake my head that dealers will take little green slips of paper for it as it is! Price to me is now secondary to availability.
pods
"one expensive firework! Anyone know the cost for one of these?"
Was it as much as the SPR release dud that Obamo fired off?
But.. but it worked in 2010. </despair>
;-P
Next steps:
- direct fx interventions. EUR/CHF 1:1 as defense line. -> FAIL
- negative (nominal!) interest rates on bank accounts = exproprioation of savers. -> FAIL
- capital controls (?) -> FAIL
- Eurozone entry. -> DEFAULT.
What is so difficult about currency manipulation? All they have to do is manipulate confidence and expectations. Shall I start? If you work for the SNB, pay attention:
Press release 30 min before market close today:
The SNB is ready and willing to assist the Eurozone manage unwarranted and malcious attacks by a small number of market participants. We are pleased to announce a sovereign investment committee which will immediately begin assessing a number of measures, including large scale sovereign asset purchases.
From there, SNB can start loading toxic shit onto it's balance sheet utill they break the bull's back.
when you lose traction in a vehicle just steer in the direction of the skid to regain control..... bitchez....
So easy, even a Sith Lord can do it!
Time compression bitches!
Everytime - sooner or later it reverses. Buy those interventions.
half-assed attempt, lame, what a maroon.
They need to hurry up that swiss gold franc implementation; it is the only thing that will absorb the pressure currently going to the CHF.
Transitory, but bullish nevertheless.
Sorry to disappoint but the snb did not intervene. It was an inter meeting rate cut and a promise to increase their balance sheet. No sense getting excited over disinformation chaps.
Stealth QE if not intervention then is what exactly?
Takes abit of time for people to work it out, especially if they arent being slapped in the face with it.
It looks like the SNB basically said we will give you however much liquidity you want, no limits.
If this doesnt work i dont know what will.
Maybe reannouncing that the CHF isnt backed by gold? lol
It's amazing how the shelf-life of these intervention actions continues to shorten. Same thing with good news / bad news, the effect on markets has gone from days to hours or even minutes.
http://www.youtube.com/watch?v=2Zail7Gdqro
"...a small step for mankind, but a giant step for us!"
A Traumatic August in Italy and Spain ""The narrative of 1931 is already well-known to readers. France sabotaged a rescue of Vienna’s Credit Anstalt because of strategic disputes with Germany. This set off a financial chain reaction..."" http://seenoevilspeaknoevilhearnoevil.blogspot.com/ OT: Hilarious 2 Min Video...
TMV about to pass TBT. Unreal.
Gold has to go to 5,000 euros at least - so as to reduce this crazy leverage in this banking system .....maybe even $50,000 FOFOA stuff could be a possibility ?
Its a daring call I give him that.
The Franc is not what it used to be - I hold exactly 750 Francs in case everything goes tits up in a chaotic system but thats it.
Theres going to be malinvestment in Germany & Switzerland if this keeps up - a mirror image of the credit inflation period withen the eurozone - the financial system has clearly become unhinged from the physical world.
Money probally needs to flow into this useless accounting metal now and destroy this crazy leveraged banking system.
I'll make another prediction.
Gold will never hit €5000.
£5000? Probably. $8000? Again, quite likely.
"Euros? Oh yeah, I remember them."
Two weeks post Euro death is Dollar death. Who knows when/where the Pound will collapse, but it will probably be sometime between the Euro and Dollar.
The Swiss are clearly losing the race to the bottom.
Don't be so hard on the Swiss. They're just not so adept at this game as the rest of us. Give them some time to learn. They'll get it.
Your reset fantasy is your own business.
Comical. Free money.
Shit Storm
http://youtu.be/6SO-RPx9IRc
Maybe someday saved by zero (%).
Good news...the "markets" are only down 1.5% in the first hour.
*Meanwhile* Gold is off to the races.
Why do they even bother? It's like doctors who think they can play God.
In the end the market always wins, and CB influence (verbal or monetary) is becoming exhausted or worthless. Think of the losses incurred just to try and depress your currency like this...repeatedly.
How does one explain to their people that they're trying to defeat purchasing power? Sure there's that age old idiotic argument about exports but any benefit from a declining currency is short lived, the market always responds to it eventually.
They had to know that this would in the end do nothing.
Francly, my Dear Swiss Bitchez, the market does not give a damn, that's why it's called the beast, lol Nothing worse than a dumb blonde banker that can't shoot straight. http://www.youtube.com/watch?v=6thuiB_Kl7E
1. Hide your money in Switzerland.
2. Get interests.
3. Don't declare your fortune.
4. Don't pay taxes on fortune nor interests.
5. Government keep money.
6. Government makes fireworks.
or try Guernsey, Singapor, Cayman Island, Malta, Cyprus, i could go on depends on your tax structure, residency and nationality. much easier than in Switzercountry
I don't know about going long CHF - its playing with fire. If the SNB really wants to weakne the CHF they have an unlmited capability to do so. I am surprised that they do. They are destroying a vital national franchise, the reputation for being sound holders of wealth. But clearly that's taking a back seat.
It is only a matter of time before the SNB or the BOJ begins hardball intervention:
1) Print your currency
2) Buy dollars with in the FX market
3) Use the dollars to purchase gold
This weakens your currency and increases your hard reserves. it's the only rational thing to do to protect exporters. Intervening in FX to buy dollars and hold them is insane.
I had just the same thought...
Swiss aren't that crazy...They should be given some credit after being the global bankers elite for a century. I wouldn't ridicule Hildebrandt just like that. The fact that they were on the sideline for quite some time gives me impression that they went through all the options and considered very pridently what to do, and at what cost...They were not sitting on their assess just like that. I would bet that they made a decission to play differently. If they lose this game, and they might, they will hardly return back in seat.
This is not just one measure, arguably just rhettoric for the time being, but it's about a set of measures that will work in sinergy and eventualy burn those who hope for free money here.
They started printing, and in the same time they started crafting those gold coins, to preserve the REAL value. Do I need to say more!?
I had just the same thought...
Swiss aren't that crazy...They should be given some credit after being the global bankers elite for a century. I wouldn't ridicule Hildebrandt just like that. The fact that they were on the sideline for quite some time gives me impression that they went through all the options and considered very pridently what to do, and at what cost...They were not sitting on their assess just like that. I would bet that they made a decission to play differently. If they lose this game, and they might, they will hardly return back in seat.
This is not just one measure, arguably just rhettoric for the time being, but it's about a set of measures that will work in sinergy and eventualy burn those who hope for free money here.
They started printing, and in the same time they started crafting those gold coins, to preserve the REAL value. Do I need to say more!?
I had just the same thought...
Swiss aren't that crazy...They should be given some credit after being the global bankers elite for a century. I wouldn't ridicule Hildebrandt just like that. The fact that they were on the sideline for quite some time gives me impression that they went through all the options and considered very pridently what to do, and at what cost...They were not sitting on their assess just like that. I would bet that they made a decission to play differently. If they lose this game, and they might, they will hardly return back in seat.
This is not just one measure, arguably just rhettoric for the time being, but it's about a set of measures that will work in sinergy and eventualy burn those who hope for free money here.
They started printing, and in the same time they started crafting those gold coins, to preserve the REAL value. Do I need to say more!?
I had just the same thought...
Swiss aren't that crazy...They should be given some credit after being the global bankers elite for a century. I wouldn't ridicule Hildebrandt just like that. The fact that they were on the sideline for quite some time gives me impression that they went through all the options and considered very pridently what to do, and at what cost...They were not sitting on their assess just like that. I would bet that they made a decission to play differently. If they lose this game, and they might, they will hardly return back in seat.
This is not just one measure, arguably just rhettoric for the time being, but it's about a set of measures that will work in sinergy and eventualy burn those who hope for free money here.
They started printing, and in the same time they started crafting those gold coins, to preserve the REAL value. Do I need to say more!?
negative interest rates! problem solved, unfortunately not for the banksters
The fact that the rate is back where it was doesn't necessarily mean the intervention has failed. Only a day or two ago Tyler was "calling the SCB's bluff" when the bank said it would intervene. Well, it did put its money where its mouth was, didn't it? Tell all those who got stopped out of their positions that the intervention has failed. Tricky, tricky FX markets...
Also, the SCB's move is a poker-style game theory at works: the best way to prevent your opponent from choosing a strategy that would be a Nash equilibrium under the assumption that both sides play rationally is to behave "irrationally" in one or more turns, thus signalling you are willing and able to incur losses and aren't predictable. This is what the SCB just did (plus it warned it could print more of those pretty banknotes to meet the demand). You want to bet on CHF? Go ahead, but volatility (which some monkeys take to be THE risk measure) is up now. Gold looks like a safer bet to me.
Gold sure does look like a safer bet than the CHF especially with Soros prowling around now and working under cover.
From now on all news about the Swiss National Bank has to include the image with the raindeer
LOL. Each of these failed attempts at intervention make me laugh.
Why don't the Swiss just ban foreign ownership of their currency? Doing the same thing over and over sure ain't helping!
Exactly, EPIC fail. LOL
Sure, an organization with enough money to make that happen is so much more stupid than your avg ZH reader. they got as much as they needed for as long as they needed.
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