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Michael Santoli: Central banks are increasingly desperate to control everything

Section: Daily Dispatches

Why Should the Swiss Central Bank Action Matter to You?

By Michael Santoli
Yahoo Finance, New York
Thursday, January 16, 2015

... A less tangible but undeniable result of the Swiss move is to deepen the sense that the world's central banks are increasingly desperate to experiment in a bid to control currencies, capital flows, and economic fortunes.

Some $12 trillion in new money has been created since the global financial crisis by the major central banks in a broad attempt to bolster hobbled banking systems, ease debt service, and revive a damaged global economy.

In most cases, such as in Japan and Europe, the central banks are intent to force their currencies lower, which chases capital to the perceived havens such as Switzerland and, to a significant degree, the United States.

With so much money in motion -- and now skittish thanks to the SNB's reversal of a policy it avowed just weeks ago -- the main concern is that the unintended economic consequences could be significant.


Michael Santoil is senior columnist for Yahoo Finance.

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