Beside the first shock when the Swiss central bank decided to punish many, and the central bank’s wife speculating in currencies, we haven’t heard much regarding the Swiss central bank. All seems stable, at least on the surface… From Golem.
Another update from Switzerland.
Sometimes people forget the point of the story of King Midas. And by forgetting, they make the same mistake as Midas. How often have you heard someone say, “He has the Midas touch you know”, meaning he’s rich and knows how to get richer. Whereas the story of Midas is how once the king had the ‘gift’ of being able to turn whatever he touched into gold, it killed him because everything he tried to eat or drink also turned to gold.
And that is what is begining to happen to Switzerland. Just as with King Midas there may be some unforseen consequences to having the Midas Touch.
You might think that Switzerland of all countries must be riding high. After all Switzerland and its currency are seen as safe havens and so money has flowed there in rivers. It is an open secret that wealthier Greeks, Spaniards and Italians have been spiriting their wealth out of their own nations to hide it away in Swizterland. Capital flight from all parts of Europe to Switzerland is hardly news.