The SNB speculates with the money of the Swiss people. Since 2010, this venerable central bank has progressively transformed itself into one of the world’s most massive «hedge funds» with its wildest speculative positions and a balance sheet that has reached and exceeded the dizzying threshold of 1,000 billion.
Its disorderly defense of the Swiss franc has caused it to lose more than 130 billion in 2022 alone. Its own reserves have fallen in one year from 198 to 66 billion. Against all expectations, this institution has fuelled market volatility, contributed to the formation of a global speculative bubble, and even bet on the securities of companies whose valuations have sometimes collapsed by more than 90%!
Its feverishness and sense of timing led to liquidate a substantial part of its gold reserves at an average price of $351/ounce. With a little patience – and more respect for the Swiss people – it could have sold them at 2,000 on several occasions in recent years, and thus recovered almost 70 billion additional francs.
This book tells the story of how the not-so-transparent Swiss central bank lost control.
How it allowed itself to be intoxicated by the global casino of the financial markets.
No more bets!