They seem to be more related to Grinches. Or Scrooge pre-conversion.Is Santa Clause related to these Gnomes?
For decades Turkey prospered by opening its markets and but when that process began to decline the Turkish government began to support its people's standard of living and its own vanity projects by, in effect printing money.What's happening with Turkey (the non dinner variety)? What did Erdogan do that left them vulnerable to Gnomic speculation?
Well firstly don't make decisions based on opinions of anonymous internet posters, i.e. me.Would it be advisable too snap up at cheap apartment in turkey these days ??
Well we Swiss bankers have a saying: never invest where the olives grow....Would it be advisable too snap up at cheap apartment in turkey these days ??
The Bank of England is not alone when it comes to buying it's own governments bonds. The ECB and the Federal Reserve have been doing it too, thus keeping interest rates artificially low. It's taken a while, but inflation has picked up and risks becoming embedded. It's going to be a delicate balancing act as central banks try to tame inflation without provoking a recession.Closer to home the UK has been engaged in a similar course of action, i.e. printing obey to support living standards
The Bank of England is not alone when it comes to buying it's own governments bonds. The ECB and the Federal Reserve have been doing it too, thus keeping interest rates artificially low. It's taken a while, but inflation has picked up and risks becoming embedded. It's going to be a delicate balancing act as central banks try to tame inflation without provoking a recession.
As for the Gnomes, they might pick on the UK and GBP, but taking on something the size of the Fed or the ECB risks causing them indigestion.
As for the Gnomes, they might pick on the UK and GBP, but taking on something the size of the Fed or the ECB risks causing them indigestion.
I don't think that the phrase 'Gnomes of Zurich' refers to the SNB which I am sure would never speculate with a view to undermining another countries currency (would it ?) but rather to private bankers who speculate in sovereign bonds for profit and have been known to not only speculate on currency and gilt falls but to actively try to cause them.The SNB is ranked third in the world in terms of over all reserves, it hold over 1k tones of gold alone.
Would one of the Gnomes be, or have been, an Irishman from Limerick direction based out there?I don't think that the phrase 'Gnomes of Zurich' refers to the SNB which I am sure would never speculate with a view to undermining another countries currency (would it ?) but rather to private bankers who speculate in sovereign bonds for profit and have been known to not only speculate on currency and gilt falls but to actively try to cause them.
The leprechaun who actually does have a pot of gold.Would one of the Gnomes be, or have been, an Irishman from Limerick direction based out there?
I don't think that the phrase 'Gnomes of Zurich' refers to the SNB which I am sure would never speculate with a view to undermining another countries currency (would it ?) but rather to private bankers who speculate in sovereign bonds for profit and have been known to not only speculate on currency and gilt falls but to actively try to cause them.
The Financial Times is utterly scathing of Truss's "mini" budget.While Turkey has managed to maintain a stable exchange rate since Christmas, their strategic importance given the situation in Ukraine cannot have hurt, the UK has moved into the firing line.
The pound is down, it is $1.11 now, more a steady fall than a slump, the recent Truss budget was not as damaging as the headlines suggested, but still harmful, the B of E had to bail out pensions and 10 year Treasury bonds are 4.13%, Ireland's equivalent is 2.38%, and all self inflicted.
There will be a run on the pound before this is all over.
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