Time to Demand Accountability from the Swiss National Bank (SNB)For far too long, the Swiss National Bank (SNB) have operated behind closed doors, shaping global financial realities in ways that disproportionately benefit a few and burden many. Their repeated currency interventions, most notably the artificial caps on EUR/CHF and USD/CHF exchange rates, reflect a deeper issue: a system where monetary sovereignty is manipulated to protect domestic interests at the expense of global fairness. The Swiss National Bank (SNB) has used its monetary tools not just to stabilize its domestic economy, but to quietly exercise power over others. Through aggressive currency interventions, low interest rates, and strategic positioning of the Swiss franc as a "safe haven," the SNB has contributed to a financial system where many countries are locked into debt arrangements they can never realistically escape.
This didn’t start yesterday. Here’s the history they don’t talk about:
🔹 Post–World War II Era:
Switzerland remained neutral during the war and emerged with a strong financial system. It quickly became a key player in the Eurodollar market, which allowed banks (including Swiss ones) to lend US dollars offshore, outside of U.S. regulation. Many developing countries, desperate for post-war reconstruction funds, turned to these offshore lenders — often at terms that later proved unsustainable when the global interest rate environment shifted.
🔹 1970s–1980s Debt Crisis:
Swiss banks (along with others in the West) extended massive loans to developing countries — Latin America, Africa, parts of Asia — often encouraged by global institutions like the IMF and World Bank. These loans were typically denominated in Swiss francs or U.S. dollars, making repayment dependent on stable exchange rates.
But when the Swiss franc appreciated sharply in the 1980s and 1990s, many of these countries suddenly found their debts unpayable. The result: structural adjustment programs, austerity, privatization, and decades of dependency.
🔹 Eastern Europe, 2000s–2010s:
Swiss franc–denominated mortgages were pushed heavily in countries like Poland, Hungary, and Croatia, offering lower interest rates than local currencies. When the franc soared after the 2008 financial crisis and the SNB abandoned its EUR/CHF floor in 2015, borrowers saw their payments skyrocket overnight. Entire generations were trapped in personal debt — because of monetary decisions made in a country they had no vote in.
🔹 Modern Times – SNB as “Safe Haven” Weaponizer:
The SNB’s current cap on EUR/CHF (around 0.93) and its suppression of USD/CHF below 0.82 reflect the same pattern: Switzerland manipulating its currency to protect its export sector and keep foreign capital flowing in. Meanwhile, countries that borrowed in francs or depend on euro/franc parity for stability are squeezed.
Why This Matters Today
These practices aren’t just economic strategies — they are levers of control.
Countries that fall into this debt trap often lose control of monetary policy, domestic budgets, and even sovereign decision-making.
The SNB, unlike elected governments, answers to almost no one internationally. Yet its decisions affect millions beyond Swiss borders.
Let’s not stay silent just because it's Switzerland — a country with a reputation for neutrality and peace. Behind the banking halls and pristine image lies a long pattern of quiet domination through debt.
