Last year the SNB earned 32 times more than the 85 Swiss private banks for twice fewer assets.

This time ‘the Bank of the Swiss Banks’ will just not do fine. Not putting hedges on its foreign exchange exposure is an Invitation for Crime. Rank-and-file incompetence or a more sinister plot elaborated by the Club have to not be ruled out in the St-Gallen-Land.

[klarman]

The United States unlike other countries (doesn’t set a currency target). The U.S Treasury says this is our currency; you deal with its problems. The problem for the Switzerland National Bank(SNB) is that when you change the complexion at the U.S federal reserve (“inflation not a big deal “aka The Mnuchin moment’ in Davos Switzerland)...