So... bad news for people with money in Swiss bank accounts or not?
If you had a Swiss account in the local currency this week you made out like a bandit, 30% in a day, ten minutes actually. Very weird. Feels engineered to me, designed to benefit somebody or a group of them.
What the Swiss authorities are fretting about is the fact that a very strong currency will lead to falling prices on imports and will also cause wage and price pressure upon domestic industries that are heavily export-dominated, leading to an economic slowdown which will further exacerbate the price pressure exerted by the very strong currency.
Only the US seems to benefit from a strong currency, and that’s because we have never been export-dominated. Domestic industry and imports rule the day with comparatively little export.
Depends how much I suppose and if they do bail-ins. It could still be safer there than elsewhere. We’ll have to see.
this is excellent news for swiss and swiss bank holders