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Gnomes of Zurich

The Gnomes of Zurich was a term used by British labor ministers during the 1964 Sterling Crisis to refer to Swiss banks. British labor ministers were convinced that the foreign exchange speculation activities of Swiss banks were causing the devaluation of the Sterling. The term referenced the gnomes of the legends who dwell underground counting their riches. The Swiss bankers were known for their extremely secretive policies.

 

 

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