In response to:

The Biggest Loser

David4 Wrote: Feb 02, 2013 10:49 PM
Peter Schiff makes a point that is seldom mentioned: weakening a currency diminishes the purchasing power of the population, lowering their standard of living. We can bet that the OPEC countries are NOT weakening their currencies as much as we-the-developed-countries are weakening ours. Now an example I would like Peter Schiff to work through is Argentina c. 2000: a strong currency compared to their trading partners led to massive unemployment, which led to the overthrow of their government.

In Switzerland, it's not just the clocks that are cuckoo. Over the past four years Swiss politicians and central bankers have gone on an unprecedented buying spree of foreign exchange reserves. In 2012, their cache swelled to as much as $420 billion worth of various currencies, primarily the euro. This figure is a seven-fold increase since 2008 and equates to 70% of the country's annual GDP. 

The sum translates to $200,000 per family of four, enough to keep the Swiss in clocks, chocolates, and fondue for many years to come. The Swiss leadership will claim the money has been "invested" with...