KWN – July 31, 2015
Humpty Dumpty Had a Big Fall
With the IMF refusing to take part in the Greek rescue, Greece can’t be put together again and nor can the rest of the world. The Troika can’t even agree what to do with little Greece so what hope is there for all the other bankrupt nations?
But it is not just the EU which has problems. Even Switzerland which used to be a bastion of stability and sound banking has a Central Bank which no longer understands what prudence and and conservatism mean. The Swiss National Bank (SNB) is the biggest hedge fund in the world with currency positions of $ 500 billion. I forecast last autumn, both on Swiss Television and in articles, in connection with the Swiss Gold Referendum, that the SNB would lose CHF 10s of billions and maybe CHF 100 billion. Well this is now happening. The SNB just announced the results for the first six months of 2015 which shows a loss of CHF 50 billion. Read the rest of this entry »