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The tiny swiss were the last to delink its currency to gold. They tried really hard, under enormous pressure, but finally relented in 2000 with the new constitu
by IG_Semmelweiss 6y ago
The tiny swiss were the last to delink its currency to gold. They tried really hard, under enormous pressure, but finally relented in 2000 with the new constitution, where the delink was tied to a bunch of other constitutional directives..
So in summary - The country can only do so much before the big guns aimed at it take their pound of flesh.
I am not sure the central bank is faultless in the example you cite, however, appreciate that we live in a world where other powerful people are not interested in the well being of swiss banking customers.
- xiphias2 6y agoI understand the pressure that Switzerland was in, and I don’t really care as I got back the money I lost on that day by many times. At the same time I was used to the trains and trams being precise by the second in Zurich (I loved taking the train to work every day), and everything being predictable, that’s why it was a wake-up call for me.