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If this move by the Swiss National Bank does not work, then it is only because the SNB does not move with sufficient determination.

The SNB can always, should it so desire, use open market operations to place a hard upper bound on the Swiss Franc's appreciation relative to any other currency it cares to name. That's one of the privileges that comes with being a central bank.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Aug 11th, 2011 at 07:15:39 AM EST
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