Swiss cut the peg to euro at 1.20 - what will happen?

Thank you for making my point. You complain about the wealthy, the banks, the corporations screwing the little guy, and in the next breath argue everything would magically be so much better if we just let them do whatever they want whenever they want.

The 1% you referenced would have been hurt, but they wouldn’t have been wiped out. The Koch brothers would still own their pipelines and the oil in the ground, and their mills, and the bankers would still have their wealth. Because their wealth is invested in capital assets and they don’t disappear like the jobs of the middle class folks who were losing their jobs. As has been explained to you umpteen times an extended global depression doesn’t benefit the middle class or the poor.
And your multicurrency, debt, and other fantasies and machinations have nothing to do with the issue at hand. You cannot prove even one of your fantasies.

Can you prove any of your claims? No you cannot. We have been down this road many times before. And, no it isn’t a straw man. It is a fact; you think regulation is the root of all evil. If we would just get rid of all those evil regulations all would be well in your libertarian utopia. You said as much in the first paragraph of your last post and you have repeated it thousands of times over the years.
Yes, we have had contracts for thousands of years and we still have them and we will continue to have them into the foreseeable future. But that doesn’t negate the need for regulation. Your solution is to let people do whatever they want to do…basically give those people you like to complain about a carte blanche.

We have been down this road before. Before anyone can sue, they have to be damaged and prove they have been damaged. By that time the damage has been done. If someone has gotten cancer, well it is a little late and their cancer will not be cured with a law suit that will drag out for more than decade and cost hundreds of thousands of dollars and fore which they may never recover. In your idealized world, the injured party would have to pay for their damages and pay hundreds of thousands of dollars, perhaps millions, for decades and may they may never recover their damages. Contracts and tort laws are not the panacea you believe them to be.

And why did you not give the source for that claim? The fact is the US literacy rates are not as bad as you have represented them to be. And you think, literacy rates were better back in the good old days of child labor – back in the days when there were no child labor laws?

We should always be worried about the power of the state. We should be changing the way we elect our representatives in state house across the land and in Washington, and we should be looking at the ethics to which we hold those representatives accountable. Our elected officials should not have interests which conflict with those they represent. That isn’t the case today. Our elected officials are more interested in dialing for money to fund their campaigns and political slush funds (i.e. leadership PACs) and securing lucrative employment contracts for themselves and their family members (e.g. Billy Tauzin). But you don’t want to do that. You believe, if we just deregulate and let big money do whatever it wants, everything will be fine. All of a sudden, they will stop doing all the things they have done and begin to play nice. That is magical thinking Michael.

 

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Effects of SNB move, "ain't over yet."

For example:

Some Russian mortgages in dollars and Swiss Franks are also going un paid. They were especially hard hit by Ruble's fall too as their salaries in Rubles, don't even cover their mortgage payments! As one lady I saw on CNN said: "I could either pay the bank or feed my children." Yet she supports Putin as he is restoring her pride to be a Russian again. Said she expect Putin to help her with the mortgage, but would rather live on the street than lose Crimea again.

Only "winner" in this seems to be China. She will get Russian oil and gas, much cheaper than was expected, even if oil prices return to a more normal level.
The sanctions against Russia, have dealt China "four aces." However, if EU collapses, China will lose its biggest trade partner.*

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In Chinese, CHF = SNB & that bird must look like a "black swan" to them.
This cartoon, showing Euro's foundation is not very secure and SNB breaking free from tie to the Euro is on the cover of ChinaDaily.com 19 Jan 2015 on-line issue.
* China's top 10 trading partners in 2014, and dollar amounts are listed here:
http://www.sciforums.com/threads/bric-news-comments.84022/page-39#post-3266016

By edit: Perhaps gold is a winner too - it rose above $1296/oz at mid day before now (3PM NYT) backing off a few dollars. Less than 20 days ago POG was ~ $1180/oz. If so, that makes China a "double winner" as they officially bought (not smuggled in or by via certain authorized banks) 1100 Tonnes of the yellow stuff in 2014 and produced at least 400 tonnes.

 

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Agreed & he rarely if ever is. Joe typically does not even directly own any stocks but his retiment fund if he has one via his employer does. Not Joe's losses that are the concern:

 

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I remember a trip to Switzerland 30 years ago, and a pint of beer in a fashionable bar in Zurich was $12.
I wonder how much it would cost now?

 

$12 is the tip you give the doorman opening the door to let you enter the bar now, I think.

 

I've tried googling it and I don't think that anyone from Zurich wants to admit to the extortionate prices in their bars.
They are like girly bars, but without the girls.
I've discovered that many people are now buying very cheap beer from supermarkets and hanging around outside the bars.
Good idea.
Even better stay at home drink a can, and pretend you are in Zurich.
I went there in the 1980's and was living like a pauper on $150 a day which was quite a lot then.