The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
If somebody wants to Soros attack them, then somebody can. Plenty of operators out there who have better hard-currency credit than a small sovereign. There are ways to cut their balls off, but those ways require quite heavy-handed intrusion into your domestic banking system,1 which I am not confident the Swiss have the political stomach for.
If people do not want to Soros attack them, or even buy their stuff, then why, precisely, should they care that somebody is conjuring up some Monopoly money and playing with it? A run on fake CHF will not do anything the Swiss CB can't defend against if they want to.
1Hike liquidity requirements above total outstanding sovereign bond volume, restrict rediscounts to notes collateralised by domestically held non-financial assets - or just to non-financial assets if you're feeling generous. Then publicly announce these measures, along with the fact that they mean that most of the alleged CHF being sold is not backed by any Swiss bank or government institution. That is, it is counterfeit in every way that matters.
If idiots persist in buying counterfeit CHF off Goldman or some other high street bank, well, that's their problem when Goldman can't deliver.
Friends come and go. Enemies accumulate.
by car05 - Aug 27 1 comment
by marco - Aug 24 18 comments
by gmoke - Aug 17
by john_evans - Aug 18 25 comments
by Metatone - Aug 14 24 comments
by DoDo - Aug 11 91 comments
by Helen - Aug 3 27 comments
by car05 - Aug 271 comment
by marco - Aug 2418 comments
by john_evans - Aug 1825 comments
by gmoke - Aug 17
by Metatone - Aug 1424 comments
by DoDo - Aug 1191 comments
by Helen - Aug 327 comments
by Frank Schnittger - Jul 2246 comments