posted on Mar, 13 2011 @ 01:10 AM
The popular right-wing Swiss People's Party (SVP) wants to limit the autonomy of the Swiss National Bank (SNB) on decisions outside its core
mandate of price stability after big losses on currency interventions.
"If the SNB leaves its actual mission with large currency buys, one must be able to supervise the SNB bosses and if necessary stop them," Christoph
Blocher, former justice minister and SVP mastermind, told the SonntagsZeitung newspaper.
"I have the suspicion that Mr Hildebrand wants to play a role at the European or even global level. He pleads for opening and integration which does
not belong to his area of competency. He also doesn't rule out tying the franc to the euro," he said.
Mr. Blocher, a member of the right-wing Swiss People’s Party, a party which won the 2007 Swiss federal elections with the highest single vote share
for any party in Swiss history has now come out and attacked the Swiss National Bank. The party has proposed new legislation which seeks to cap the
independence of this national bank (it will seek to control the SNB) and has called for the head of the SNB to quit from his position.
This outrage comes mainly from the loss of 19.2 billion Swiss Francs in 2010 which is due to ill-fated attempts at fighting the strength of the
currency. The head of the SNB tried to defend his actions by arguing it was necessary to fight off deflation from the result of a soaring Franc.
Also the SNB head was being attacked for being a vocal supporter of further integration with the international community which puts the head of the
SNB at serious odds with the largest Swiss party that is openly isolationist.
Could this be the beginning of a long overdue war against the elite bankers who think they know how to run our countries? I know that my position on
this issue is with Mr. Blocher and the Swiss People’s Party. It is high time to rein in the bankers who have been given far too much power with so
little oversight. Enough is enough!
edit on 3/13/2011 by Misoir because: (no reason given)