Since the Swiss National Bank pegged the Franc (AMEX:FXF) to the Euro (AMEX:FXE) last August in an attempt to stop the torrent of money flowing into that relative safe-haven it has pushed down the Franc versus the US Dollar by 37%. For most of that time the peg, while costing the Swiss dearly to print Francs while buying Euros, wasn’t terribly difficult to maintain. But, since the Greek elections and the threat of Greece leaving the Euro became very real it prompted a very ugly response from Brussels who is committed to this ridiculous European Union at the expense of the welfare of millions of people (and not just Greeks mind you, everyone will pay for their grand dreams of conquest) and has sent capital flying out of the periphery of Europe into Switzerland again. So much so, the Swiss are threatening capital controls on foreign accounts to protect their exports.
Remarks from IMF Chief Christine Lagarde betray the attitude of the powers that be and their grand plan which is the loss of any self-determination of the Greeks and the rest of southern Europe. The contempt that they hold us is palpable. Unfortunately, the false prosperity brought by these years within the Euro have sufficiently bribed most Greeks into believing that staying in the Union is better than leaving, like 81% according to the latest polls.
The end-game here is that they will have to fork over their gold to the EU in exchange for vassal-state status to Germany. The only comfort in this is that by the time Germany is done extracting their last pound of flesh from the Greeks, there won’t be much left to conquer.Previous Post » Apple Eyes TV Device