It seems as if cryptocurrencies are not all bad.
Venezuela has decided to bind their Bolívar to
the Cryptocurrency “Petro” in order to stabilize
the Bolívar – good idea or not?

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It was a hefty reaction today at the stock echanges worldwide and
even currency exchange markets had a big shock when the Swiss
National Bank declared to drop the Euro floor. From the magic
1.20 CHF line, the Euro noted at lowermost 0.82 CHF.

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Seems as if the Unthinkable gets closer and closer for more and more star
economists. Greece is about to loose the Euro as currency and going back to
the drachm. Seems as if all effort to avoid the expulsion of Greece from the
european currency union has failed.

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The Euro doesn’t have a chance to rest and get back it’s glory. Just now when
the economic crisis has taken down most of the icelandic finance sector, it
seems as if Iceland could need a new currency. But which one? The Euro could
be such one however Iceland seems to head for the canadian dollar…

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A rough day for the Euro is coming ahead. Within 10 days the currency will
again face a very rough wind as Italy has announced that it will probably need
400 billion(!) Euro out of the rescue bond. This is more than double the money
Greece has claimed! So what will be the result out of this?

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So… the Swiss National Bank finally thought, we’d start a new round to fight
the strong Swiss Franc! Today at 10:00 a.m. local time, the SNB set the
minimum reference value EUR-CHF to 1.20 – and is willing to keep that goal
by buying foreign currencies with no limit!

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Well… It’s now September 1st and where the Euro was about
1.19 CHF just two days ago, it is now 1.1375 CHF again! I don’t
get it! Why do currencies undergo such extremely high tolerances?
5 cents within 2 days is quite a lot and where happiness was…

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When I stated 3 days ago that things would look grim but yet okay,I was wrong.
Today the stock markets have lost another 4 to 7% of their value. The market is
really upset and no one can deny it. Even the currencies have gone crazy as
hell. Was the Euro at 1.09 this morning, it lost until 1.05 at the current time.

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The last days have been very busy and the world economy is still bouncy.
The Euro, USD, GBP and JPY are probing new depths which worries the swiss finance
market much more. The Euro was about to hit the 1.08 line then instantly
(within 5 minutes) rose near 1.10 again…

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As of today the U.S. Government has agreed to raise the debt level under the condition
to lower debts and state costs by 2.7 billion dollars within the next 10 years.
But as for now, the people seem very disappointed that the debt level raise will be a
reason for social and medical cutbacks and a possible tax raise…

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Today it seems that something has again upset the financial markets. At exactly 14:34
the dollar suddenly crashed below 0.80 swiss francs and took two more steps with approx
0.0010 swiss francs within 5 minutes. I thought, it could have been a temporary bump
and relax in the meantime…

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As you can see, the Euro is undergoing some loss of value compared to the Swiss Franc.
So is the Dollar and other currencies aswell.
But what makes the Swiss Franc so extremely strong compared to the other currencies?
Is it Switzerland with it’s well-known banks or some other factor?

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