Could the Swiss start a trend?
The renewed market turmoil of recent weeks again threatens the stability of the Western banking system and the global economy. It reflects above all the failure of governments to impose their will on markets, their failure to command respect. They seem to be the playthings of markets. No wonder firms are reluctant to make new investments. No wonder households safeguard their cash. Uncertainty is pervasive.
The dramatic action by the Swiss National Bank to set a ceiling for the Swiss franc
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