{"id":24176,"date":"2023-03-13T10:57:19","date_gmt":"2023-03-13T09:57:19","guid":{"rendered":"https:\/\/michelsanti.fr\/snb-nothing-can-go-wrong"},"modified":"2023-03-27T20:02:42","modified_gmt":"2023-03-27T18:02:42","slug":"snb-no-more-bets","status":"publish","type":"page","link":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets","title":{"rendered":"SNB: No more bets"},"content":{"rendered":"

\"\"<\/p>\n

 <\/p>\n

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\u2019s most massive \u00abhedge funds\u00bb with its wildest speculative positions and a balance sheet that has reached and exceeded the dizzying threshold of 1,000 billion.<\/p>\n

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%!<\/p>\n

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 \u2013 and more respect for the Swiss people \u2013 it could have sold them at 2,000 on several occasions in recent years, and thus recovered almost 70 billion additional francs.<\/p>\n

This book tells the story of how the not-so-transparent Swiss central bank lost control.<\/p>\n

How it allowed itself to be intoxicated by the global casino of the financial markets.<\/p>\n

No more bets!<\/p>\n

 <\/p>\n

Order it<\/a><\/p>\n

and<\/p>\n

Amazon<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  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\u2019s most massive \u00abhedge funds\u00bb 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…<\/p>\n","protected":false},"author":4,"featured_media":24164,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-24176","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\nSNB: No more bets - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/snb-no-more-bets\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SNB: No more bets - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"  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\u2019s most massive \u00abhedge funds\u00bb 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…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/michelsanti.fr\/en\/snb-no-more-bets\" \/>\n<meta property=\"og:site_name\" content=\"Michel Santi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/michel.santi.economiste\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-27T18:02:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2023\/03\/bns-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1900\" \/>\n\t<meta property=\"og:image:height\" content=\"991\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/snb-no-more-bets\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/snb-no-more-bets\",\"name\":\"SNB: No more bets - Michel Santi\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/snb-no-more-bets#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/snb-no-more-bets#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/bns-1.jpg?fit=1900%2C991&ssl=1\",\"datePublished\":\"2023-03-13T09:57:19+00:00\",\"dateModified\":\"2023-03-27T18:02:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/snb-no-more-bets#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/snb-no-more-bets\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/snb-no-more-bets#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/bns-1.jpg?fit=1900%2C991&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/bns-1.jpg?fit=1900%2C991&ssl=1\",\"width\":1900,\"height\":991},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/snb-no-more-bets#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/michelsanti.fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SNB: No more bets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/\",\"name\":\"Michel Santi\",\"description\":\"\\\"It is not because things are difficult that we do not dare. It is because we do not dare that they seem difficult\\\", Seneca the Younger\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/michelsanti.fr\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SNB: No more bets - Michel Santi","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets","og_locale":"en_US","og_type":"article","og_title":"SNB: No more bets - Michel Santi","og_description":"  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\u2019s most massive \u00abhedge funds\u00bb 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…","og_url":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets","og_site_name":"Michel Santi","article_publisher":"https:\/\/www.facebook.com\/michel.santi.economiste","article_modified_time":"2023-03-27T18:02:42+00:00","og_image":[{"width":1900,"height":991,"url":"https:\/\/michelsanti.fr\/wp-content\/uploads\/2023\/03\/bns-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@michelsanti1","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets","url":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets","name":"SNB: No more bets - Michel Santi","isPartOf":{"@id":"https:\/\/michelsanti.fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets#primaryimage"},"image":{"@id":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/03\/bns-1.jpg?fit=1900%2C991&ssl=1","datePublished":"2023-03-13T09:57:19+00:00","dateModified":"2023-03-27T18:02:42+00:00","breadcrumb":{"@id":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/michelsanti.fr\/en\/snb-no-more-bets"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets#primaryimage","url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/03\/bns-1.jpg?fit=1900%2C991&ssl=1","contentUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/03\/bns-1.jpg?fit=1900%2C991&ssl=1","width":1900,"height":991},{"@type":"BreadcrumbList","@id":"https:\/\/michelsanti.fr\/en\/snb-no-more-bets#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/michelsanti.fr\/"},{"@type":"ListItem","position":2,"name":"SNB: No more bets"}]},{"@type":"WebSite","@id":"https:\/\/michelsanti.fr\/#website","url":"https:\/\/michelsanti.fr\/","name":"Michel Santi","description":"\"It is not because things are difficult that we do not dare. It is because we do not dare that they seem difficult\", Seneca the Younger","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/michelsanti.fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"campaignId":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/PagvtB-6hW","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":24026,"url":"https:\/\/michelsanti.fr\/en\/end-game","url_meta":{"origin":24176,"position":0},"title":"End game ?","author":"Michel Santi","date":"February 12, 2023","format":false,"excerpt":"\u00a0 The gold standard was a system where the currency of a country was linked to gold and which could materialize either by defining a certain quantity of metal in exchange for the American dollar, or indirectly through currencies having a fixed parity against the greenback. As early as 1944\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13536,"url":"https:\/\/michelsanti.fr\/en\/europe-chronicle-of-a-political-and-economic-fiasco","url_meta":{"origin":24176,"position":1},"title":"Europe, chronicle of a political and economic fiasco","author":"Michel Santi","date":"May 10, 2015","format":false,"excerpt":"Excerpted from the book preface generously written by Christine Kerdellant,\u00a0Assistant Managing Editor of \u2018L'Express\u2019, Managing Editor of \u2018L'Expansion\u2019: \u2018\u2019 The \u2018doctrine-slayer\u2019 Michel Santi is not an economist like all the others. It starts\u00a0with his career. Unlike his colleagues, he has not learned life from textbooks and\u00a0econometric models. He has not\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/livre3.jpg?fit=729%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/livre3.jpg?fit=729%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/livre3.jpg?fit=729%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/livre3.jpg?fit=729%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13537,"url":"https:\/\/michelsanti.fr\/en\/capitalisme-entre-adultes-consentants","url_meta":{"origin":24176,"position":2},"title":"Pour un capitalisme entre adultes consentants","author":"Michel Santi","date":"February 28, 2017","format":false,"excerpt":"What a shame it is that politicians aren\u2019t historians too! And that it is regrettable for all of us that they aren\u2019t looking back to the year 1931 \u2013 a tragedy, among other things \u2013 in order to draw parallels and precious lessons for today. Let\u2019s remember the bankruptcy of\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/PourUnCapitalismeEntreAdultesConsentants.gif?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":13510,"url":"https:\/\/michelsanti.fr\/en\/splendors-and-miseries-of-economic-conservatism","url_meta":{"origin":24176,"position":3},"title":"Splendors and Miseries of mainstream economics","author":"Michel Santi","date":"April 22, 2015","format":false,"excerpt":"This book is the result of my professional experience and personal journey through the intricacies of my profession. I wish to present answers, with the dual objective of restoring economic growth and breaking free from the grip of the financial markets. Understanding the market\u2019s mechanisms is crucial in order to\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/splendeurs-et-miseres-du-liberalisme-e1348420571910.jpg?fit=393%2C600&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":22941,"url":"https:\/\/michelsanti.fr\/en\/about-me-2","url_meta":{"origin":24176,"position":4},"title":"About me","author":"arthur.asca","date":"September 3, 2022","format":false,"excerpt":"Michel Santi is a French-Swiss economist, financier, writer, advisor to central banks and sovereign funds. For several years, he was a Professor of Finance in Geneva, Switzerland, a member of the World Economic Forum, the IFRI and a qualified (founding) member of the NGO \u201cFinance Watch\u201d. Born in Beirut, Lebanon,\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22944,"url":"https:\/\/michelsanti.fr\/en\/about-me-2\/about-me","url_meta":{"origin":24176,"position":5},"title":"about me","author":"arthur.asca","date":"September 3, 2022","format":false,"excerpt":"Michel Santi is a French-Swiss economist, financier, writer, advisor to central banks and sovereign funds. For several years, he was a Professor of Finance in Geneva, Switzerland. He was a member of the World Economic Forum in Davos, and of the IFRI - first french Think Tank. He is a\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/pages\/24176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=24176"}],"version-history":[{"count":5,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/pages\/24176\/revisions"}],"predecessor-version":[{"id":24448,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/pages\/24176\/revisions\/24448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/24164"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=24176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}