This does not seem to have made the major news media yet in - TopicsExpress

This does not seem to have made the major news media yet in America! EXCERPT: The shift marks an attempt by the Swiss National Bank to reinforce its defenses of the economy before government bond purchases by the European Central Bank that could crumple the franc cap. The currency surged after the announcement, Swiss stocks including UBS AG tumbled and the chief executive of watchmaker Swatch Group AG said the policy shift would hurt exports. SNB President Thomas Jordan defended the move, saying surprise was necessary. . . More recently, the SNB, then led by Philipp Hildebrand, spent billions of francs on spot market interventions. As a result, it ran up a 19 billion-franc book loss for 2010, resulting in calls for Hildebrand to resign. Chiefly due to its currency-market interventions, it held a record 495.1 billion francs of foreign currencies as of late last year. For Swizz-people is a good news, because they can buy German cars 16 percent cheaper than yesterday None of 22 economists surveyed by Bloomberg News between Jan. 9 and Jan. 14 expected the SNB to get rid of its cap in 2015. Only four saw it abandoning the measures next year

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