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Here Are The Behind-The-Scenes Politics In The Decision To Let The Swiss Franc Cause Market Chaos
The Swiss National Bank's decision to abandon its cap on the Swiss franc's value against the euro last week threw the financial markets into chaos. There are lots of theories as to why the central bank chose to act, but there is one that was clearly underappreciated — the role of Swiss local government in lobbying for dividend payments. The SNB is unlike other central banks because it is not in fact owned by the Swiss government but is a listed company with shareholders that include Swiss administrative regions, know as cantons, as well other public bodies and private individuals. As Cullen Roche points us to: At ... (full story)
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Fireworks are fun ... as long as you don't blow your fingers off.