Loading ...So, Eric, all arguments and propaganda by the Swiss National Bank during the Swiss Gold Initiative were total lies. The Swiss National Bank said the Gold Initiative was ‘dangerous because the peg would not hold if the Gold Initiative was passed.’ They also said they ‘will use any means to defend that peg for future years.’ They also said there would be ‘massive job losses if the initiative passed.’
Nightmare Prediction Of Euro/Swiss Franc Collapse Unfolds Within 45 Days
I wrote a fictitious memo from Thomas Jordan, the President of the Swiss National Bank, and published it on December 1st. This is a quote from that piece and this is what Thomas Jordan said:
“The reason I’ve been so nervous about the referendum is that the (Swiss National) Bank is now sitting on the biggest speculative currency position of any major central bank in the world. Our balance sheet is 522 billion Swiss francs and over 80 percent of Swiss GDP, which is an extremely dangerous position for our country. It’s virtually impossible to get out of this position without a loss of tens of billions of francs or even as much as 100 billion.”
He goes on to say in the fictitious memo I put together:
“The 1.20 peg is artificial and throughout history no currency peg has ever held in the longer-term. Our 470 billion Euro/Swiss franc speculative position is a time bomb and we know we will never be able to extract from it without major losses. Hopefully the current board will have retired from the (Swiss National) Bank before his happens.”
Eric this is what I wrote on December 1st as a fictitious memo and this is exactly what has happened. It was totally predictable. But the Swiss National Bank was in total denial about this. And now they are sitting on losses of at least 80 billion Swiss francs.
Man Who Predicted Collapse Of Euro Against Swiss Franc Gives More Shocking Predictions For 2015