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People aren't buying the Swiss Franc because it's a groovy thing to do.  They are buying it for a perceived benefit which, in turn, can be measured or valued.  So the question becomes what, exactly, ARE they paying for that benefit?

Cutting to the chase: not much.  Certainly they are not paying the full price for the benefit although the Swiss economy is paying the full cost of the benefit.  Which argues the Swiss Franc is being bought below the (cost of production + profit) at this time, in these market conditions.  

Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Fri Aug 12th, 2011 at 01:52:08 PM EST
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