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Peter Schiff: This “Swiss” Event Will Soon IMPLODE the DOLLAR!

Saturday, January 17, 2015 11:57
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(Before It's News)

switzerland mountains

The Swiss Bank Just Proved Why Central Banking Doesn’t Work -

Peter Schiff, said on 1/16/2105 that Switzerland dropped a bomb into the Forex market, and surprised everybody, by abandoning it’s peg to the Euro. It had a 120:1 relationship that was established about 3 years ago. 

The Swiss Bank decided it couldn’t afford to subsidize the Europeans. It’s difficult for a nation as small as Switzerland to subsidize 300 million plus people throughout the Eurozone. After 3 years of trying, they gave it up. 

This is not detrimental to the Swiss economy. On the contrary, it’s going to be a positive for Switzerland. 


When the Chinese decide to abandon their peg, both in the Hong Kong Dollar and the Yuan, that is going to be a 10.0 on the Richter scale of economic activity. 
And this time it’s going to be the dollar that is going to 
take it on the chin.

 
I had said before it happened, that the Swiss would ultimately abandon the peg when they had thrown  too much good money after bad. When they had blown enough wealth, buying up euros , they would throw in the towel. And that’s what they did, after they lost tens of billions on their foreign exchange reserves.

Why did Switzerland decide to bite the bullet now and accept those losses? The longer they waited, the more they would lose.

Some people say that the Swiss did it when they did, because Europe is about to do another round of QE. If they did do QE, the big loser would have been Switzerland.

I’m glad the Swiss did it. The real value of Swiss stocks went up. They can now buy things in Swiss dollars that don’t cost as much.  But this is a lesson in why central banking doesn’t work.  Switzerland is a small microcosm of the bigger “peg relationship” that is going to end, and when it does, it will be much more spectacular.

China and the U.S.

China has been making the same mistake as the Swiss had, for a longer period of time, with the United States. China has 4 ½ Trillion in foreign reserves, much more than Switzerland had. How many more dollars are the Chinese going to buy , before they give up, just like the Swiss?

When China does this, I think the catalyst will be when the US …

 
 

 
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Total 7 comments
  • The Truth Wins

    Swiss banking system was established by some of the remnants of the Knights Templars. Check out Switzerland’s flag. That’s why they stay ‘neutral’ during wars. The Bank for International Settlements, which oversees all central banks in the world, and the IMF and World Bank, resides there. The Swiss banks have laundered money for many entities, over the centuries, from the Vatican to the Nazis, and many U.S. congressmen and women. Ballsy move by them, with upfront losses approaching $100 billion U.S. but this should be a wake up call to everyone that the Euro Zone has some damning news heading its way. Check out the run on the Greek banks this past week, and how four large banks have run out of money. Greece is tied to the Euro and very much in debt.

    • Busta Myth

      Yeah, “neutral” Switzerland was far from neutral

      Any idea why the Vatican uses Swiss Guards?

      • Neanderthal

        because they guard the vaticans loot of sins.

    • FindtheTruth

      Yeah, Swiss guards at the Vatican. Swiss banks to launder dirty money worldwide. Swiss guards under Hitler’s watch. Big surprise. Nazism is not dead. They are hoping for a revival twice as deadly as the first. I know that Nazis killed many besides Khazar Jews and Hebrew Jews. Pretty sure that most Hebrew Jews were mostly out of the vicinity of their slaughter. They massacred mostly those closest to them and mainly Khazars. Hitler was a Khazar, but he was out of his mind whacked on drugs. How the hell does an idiot moron like him manage to convince a whole country and those around to follow his whacked belief??? How do people still refuse to believe that Satanic forces are screwing up this world?

      How f’d up is that? A Khazar Jew convinces people that only blond-haired, blue-eyed people deserve to live and procreate? Only someone guided by demons could behave so illogically and irrationally.

      What do we have today? An equally ignorant mindset. We have Obama dividing the country. Would McCain been a better choice? Hell no! Romney? Hell no! They all graduated from the same damn school. The school of Satan.

      Only School of Satan alumni will be appointed into office.

      I love this country, but I hate what it was built on. This country was built on the Synagogue of Satan. I hate that fact and I am also one of the damn Daughters of the Revolution. I didn’t ask for that, but I am not going to become a mind slave to bs just because I was born into it.

      I’ve been harassed and nearly killed by those scum since I was born. They tried to MKUltra me. Scumbags. They tried to kill me more than once. Sadly, I have family members who worship them religiously.

      Busta Myth and Neanderthal – Don’t forget those Swiss-tards were heavily involved with Hitler. Hitler and the Vatican go hand in hand if you look back in history.

      • HereAmI

        Your ignorance about Hitler is extraordinary.
        But that, of course, is intentional.
        Try to remember who controls all media in the western world.
        He was by no means what you say he was. And he convinced the Germans to follow him because he took Germany from moral and financial ruin to being the hegemon of Europe in less than ten years; primarily by removing jews from all positions of influence.
        The US could have learned a great deal from him in that respect, as its present apocalyptic decline bears witness.
        Try reading the NSDAP Manifesto; and try to find a single line in it with which you would not wholeheartedly agree.
        Your additional belief that Hitler only wanted Aryans to live and procreate could not be further from the truth.
        I suggest you spend six hours watching the YT classic “Adolf Hitler; The Greatest Story Never Told”; and then come back, and we can talk.

  • Ideas Time

    What the masses have not figured out yet is that the entire system is rigged, including voting. If you you understand this, we have a chance.

  • Minnie-C

    The date in the first paragraph is incorrect. I believe it should read read 01/16/2015 not 01/16/2105. Just pointing it out for correction. :cool:

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