Posted on 12/09/2011 5:56:13 PM PST by SeekAndFind
The Swiss government is preparing for a collapse of the euro, according to Swiss Finance Minister Eveline Widmer-Schlumpf.
She told parliament that a work group was studying the imposition of capital controls and negative interest rates to protect Switzerland from the capital flight that a euro collapse would engender (Handelsblatt).
A tidal wave of euros would drive up the Swiss franc, devastate Switzerland’s export economy, and devalue its vast wealth invested in other countries.
Already in August, the Swiss National Bank instituted a currency peg and swore to defend it by acquiring “unlimited” amounts of euros, a risky strategy if the euro were to collapse (for the debacle leading up to the peg, read... Swiss Franc Wreaks Havoc In Switzerland).
Meanwhile, 27 heads of state convened in Brussels for another European Union summit to find that elusive solution to the debt crisis. It began with dinner at around 8 pm and will continue on Friday. Goal: changes in the EU treaty that would impose Germany’s new religion of budgetary discipline on all 27 member states. Violators would be hit with automatic sanctions.
(Excerpt) Read more at businessinsider.com ...
The Swiss seem smarter than most Eurtopians
Great. Fiscal common sense is now a “religious discipline”.
We are so screwed.
Is called a default.
Who moved my cheese?
Whoever did, put it back right NOW!
Or, or, there will be.....consequences!
How do you outrun an avalanche? Or a tsunami wave?
Are they ready to be sued for $Billions in the US Courts for doing this?
There is Goldman and Sachs’s bets on the table.
It’s rather a shame that some people in suits can alter the value of exports, labor or goods generally just by writing things down on a piece of paper and shaking hands. But, as a result of these suited creatures, the value of Swiss labor can rise so far above that of the neighboring countries’s labor, that the Swiss suddenly get priced out of the market and can no longer export. Even though what the laborers did and continue to do haven’t changed relative to one another from one day to the next. Such is the price of manipulated (non-free) markets.
fascinating-times alert.
Just make sure your Saint Bernard has a full keg under his chin.
'The Consolation of Blogging: The European Union -- a State of hopeful confusion'
And you’ve got plenty of ammo for your K-31, PE-57 or Stgw 90...
will that help you in the avalanches?
Maybe this will at least it give you a laugh...
http://www.youtube.com/watch?v=qLrnkK2YEcE&ob=av2e
It’s coming down to the country that has the most Euros will be the loser. And to think that they were trying to make the Euro the default world currency.
People are not about to change their behavior or life style (Greece, France, Spain. Italy etc.) unless they are FORCED to do so by either a war or some event of biblical proportion. Just putting a new expensive suit on a sick person does not make this person well. All it does it just pushes the inevitable event a little further in to the future. What I am sure and positive about is that there will be a day of reckoning, but I am not sure in what shape or form it will be.
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