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New York Sun: Switzerland shows the absurdity of the fiat money system
The Doughty Swiss
From the New York Sun
Saturday, January 17, 2015
Congratulations to the doughty Swiss, we say. The decision of their central bank to remove the cap on its currency, allowing it to soar against the euro, is causing the foreign exchnge markets to be struck with the dreaded turbulence. It may well make things difficult for Switzerland in the short run. But it was a vote of no confidence in the quantitative easing that the European Central Bank is about to undertake. ...
All other virtues of this drama aside, what a paroxysm of panic it has produced at the Financial Times, which has declared that "Thursday's action in the Swiss franc defies the reach of hyperbole." ...
"The bitter truth is that all the sturm and drang over the Swiss franc is a feature of the age of fiat money. The exclamations of horror that have greeted the decision of one tiny country to stop playing the same game as the bigger countries testify to nothing so much as the absurdity of the fiat system. ..."
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