SNB Head Hildebrand Resigns Over Insider Trading Scandal, EURCHF Floor To Go Next?

In my opinion, Hildebrand was scapegoated for destroying the Swiss franc (CHF) when the Swiss National Bank (SNB) pegged it to the sinking Euro, in a desperate attempt to devalue the CHF.  Why?  The CHF had become too strong due to its former safe haven status, thus destroying the Swiss economy.  In laymen's terms, Swiss hotel rates were too high, Nestle chocolate and the Big Mac in Zurich were unsustainably expensive. Hence, the SNB moved to debase the CHF, in an attempt to keep Swiss exports competitive and stimulate the Swiss economy.  It was just a recent example of the global, ongoing currency wars, which will imminently lead to trade wars--and military conflicts.

This tactic of pegging to a sinking foreign currency is similar to China pegging their yuan (Renminbi) to the USDollar.  Yes, it's a form of currency manipulation, but the Chinese are merely linking their currency to the most manipulated currency on earth--the USDollar, thanks to Ben Bernanke and Tim Geithner.

As always, read between the lines, know your history--and apply your own critical thinking skills. 

http://www.zerohedge.com/news/snb-head-hildebrand-resigns-over-insider-trading-scandal