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The Gnomes of Zurich and Why You Should Know Who They Are

If you remember your childhood and recall gnomes, you’d probably tell me about the garden gnomes in your lawn. In the fairytales, however, gnomes are small humanoids that have various behaviours and purpose depending on the country. In Britain, they are creatures that like to bury wealth complete with complex traps, much like leprechauns. Norway’s gnomes are farm helps that drive away gremlins. They are rewarded by food. Meanwhile in Africa they are mischievous critters likened to gremlins that cause harm to livestock and pinch you at night. In Switzerland, however, they are real people with a much more mischievous mission.

 

The gnomes of Zurich are Swiss bankers who are called as such due to accusations of them being secretive and greedy. Switzerland is known as one of the world’s best countries to do banking with. Why, you ask? It’s because Swiss banks are regarded as one of the safest and yet most discrete financial institutions in the world. It is widely believed that the ultra rich and powerful, regardless of how they got rich and powerful, hide their money here.

 

This is what angered a British Labor Party politician, Harold Wilson. He coined the term “gnomes of Zurich” in 1964 during a speech to the House of Commons. He said that the Sterling Crisis can  be blamed on the Swiss banks who supposedly had big portions of the sterling in their possession causing it to drop significantly on the foreign exchange market.

 

Today, the monicker is still being used. And Swiss banks are still secretive with high security measures.

 

Created by : Alex
Published : 14 Apr 2016

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