The War on Interest Rates

If central banks continue to raise interest rates, then you're going to have every three months a banking crisis somewhere in the Western world. The Swiss did what economists, under their theory, should predict, but would never predict - they removed one of their bulwarks against disaster. And so if the next nation state in Europe in particular that has this problem does something similar, that's all gone. All these things that now are called, well, it's a well capitalized and profitable will be insolvent and unprofitable.