Grant's Interest Rate Observer: Line in the alps

In May and again in June, the Swiss central bank materialized new Swiss francs equivalent to 11.2% of the $573 billion Swiss GDP. It was as if the Bank of Bernanke printed up $1.7 trillion not once but twice in the space of only 60 days. Now unfolding is a speculation on the consequences of this  eemingly ungnome-like demarche, as well as a note on the popular resistance that’s forming against it...

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