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Tell this to the Swiss national bank. They desperately tried to keep the franc down. When they finally saw that the position became untenable, it gained over 2
by DoubleMalt 12y ago
Tell this to the Swiss national bank. They desperately tried to keep the franc down.
When they finally saw that the position became untenable, it gained over 20% on the Euro overnight (and so did many public and private loans in Austria and other European countries that had banked on the low interest rate of loans in Switzerland)
- restalis 12y agoSwitzerland is special in this regard. They did not had the ambition to profit from the all thing because well, they benefit from the very idea of impersonating a party that won't take advantage of one's finance in such a callous manner! In other words, they had a condition that would not go well with the quantitative easing thing, they had to choose between keeping a long maintained image/tradition or profit in short term, and they made their choice.