When I was a student The Gnomes of Zurich were major players in the world of finance. Basically the bond markets were said to be the real power in the world, more powerful than corporations or governments. Governments who didn't tame inflation were quickly brought to heel. The UK was forced to take a loan from the IMF. A major reason for the UK joining the EEC was to escape the economic malaise which was to cause this bailout.
During the boom years up to 2006 money was freely available and we heard little of them. In the crash of 2007, governments took the helm and the Gnomes were denied their place at the table. Mario Draghi said he would do whatever it took and they were scared off, or just outspent.
They have been silent now for many years, but now the UK has left the EU, and the Gnomes are active again. Currently they are eating Turkey, ( there must be great profits to be made there for currency speculators at the moment) but soon the will be looking for other fare. I suspect the UK will be back on he menu and the more they eat the more they grow. Who knows where their gaze will fall then.
During the boom years up to 2006 money was freely available and we heard little of them. In the crash of 2007, governments took the helm and the Gnomes were denied their place at the table. Mario Draghi said he would do whatever it took and they were scared off, or just outspent.
They have been silent now for many years, but now the UK has left the EU, and the Gnomes are active again. Currently they are eating Turkey, ( there must be great profits to be made there for currency speculators at the moment) but soon the will be looking for other fare. I suspect the UK will be back on he menu and the more they eat the more they grow. Who knows where their gaze will fall then.
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