This Cool Video is a discussion I participated in on CNBC.  The SNB’s move was a shock and I argue that its motivation was fighting domestic deflation, not promoting exports. I suggest the SNB was changing tactics. The cap on the franc minimized it intervention, but it does appear to have intervened today. I think the SNB’s move is indicative of the challenge faced by many countries fighting deflation/lowflation and low nominal growth.  Â
 I did misspeak. Trying to address claims that exaggerated Switzerland’s importance, and why it is overlooked as a “currency market manipulator,” I mistakenly claimed the Switzerland was not part of the G10. I know better. In fact, it is part of a “joke” I tell about there being 11 countries in G10. Switzerland was the eleventh member. Â
Click here for the video.
—-
Read more by Marc on his site Marc to Market
Â
