Taking (and Giving) the Punch

Krugman: “in today’s world, the crucial credibility central banks need involves, not willingness to take away the punch bowl, but willingness to keep pushing liquor on an abstemious crowd.”

À propos the Swiss revaluation of the Franc (which triggered the bon mot quoted above), what I want to know is how many Swiss banks had hints this was coming, and how big a killing they made on the markets.

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