By John Galt
August 17, 2011 – 06:55 ET
The Bloomberg headline and story says it all:
Apparently the Swiss National Bank has not been in consultations with the Japanese Central Bank. The one year chart for the Swiss Franc speaks volumes on the failure of intervention by central banks and the inability to control daily, weekly, or monthly fluctuations. The addition of liquidity to dilute the Franc is akin to wasting one’s time by asking Bernanke to quit printing.
If the SNB thinks they can outpace the Federal Reserve or even dream about catching up to Helicopter Ben, apparently they have to buy one hell of a lot more printing presses. The Japanese have already learned this lesson over the last decade the hard way.