Whac-A-Peg: When The Wonderful Stability of Centrally Planned Fiat Currencies Ends

  Communication Breakdown This morning the Swiss National Bank did what central banks supposedly don’t do anymore nowadays: it surprised the socks off the markets. After still solemnly insisting in its most recent monetary policy assessment that it would “defend the minimum exchange rate of the Swiss franc against the euro with the utmost determination”, […]
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