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The Swiss National Bank spent 17.8B Swiss francs ($19.56B) buying foreign currency last year as...

The Swiss National Bank spent 17.8B Swiss francs ($19.56B) buying foreign currency last year as it fought to combat the "massive overvaluation" of the franc and cap it at 1.20/euro. The SNB's credibility should be boosted after it said it swung to a net profit of 13.5B francs in 2011 from a record loss of 21B francs in 2010. (PR)
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Comments (1)
  • Uncle Pie
    , contributor
    Comments (3704) | Send Message
     
    When even the Swiss throw in the towel on their currency and are forced to resort to the printing press, you know it's all over for fiat currencies.
    For more on competitive currency debasements, check out
    "The Currency Wars" by James Rickards. Excellent book.
    8 Mar 2012, 09:38 AM Reply Like
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