Cool Video: On CNBC Trying to Explain SNB Surprise

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.    

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.  

Click here for the video.