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Just how insane the climate was that -40% yearly interest rates didn't stop the CHF mania! I'm speechless. > In January 1975, the Swiss government held an emer
by H8crilA 7y ago
Just how insane the climate was that -40% yearly interest rates didn't stop the CHF mania! I'm speechless.
> In January 1975, the Swiss government held an emergency meeting and then took the extraordinary step of slapping a 41% annual penalty on foreign deposits. But even this failed to stem the tide. The franc continued to appreciate against the dollar — a total of 70% in nominal terms between 1971 and 1975 alone.