Among other things in Michael Pettis’s latest, this on the Swiss situation:
The Swiss have clearly made their decision. They do not want any more foreign capital inflow and are trying to eliminate or at least reduce it by capping the rise in the Swiss franc. It probably won’t work. I guess now by having converted the currency into a one-way bet I assume that we are going to see massive speculative inflows into the Swiss franc on expectations that inflows will eventually force the SNB to revalue.
I agree entirely.