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The Gnomes of Zurich Play in the Largest Market in the World

In: The New International Money Game

Author

Listed:
  • Robert Z. Aliber

    (University of Chicago)

Abstract

The ‘Gnomes of Zurich’ is a tag for traders that seek profits from ‘bringing down national currencies.’ Their gains would be at the public expense; the view was that the Gnomes caused currency values to differ from both those that the local political leaders thought appropriate and those that were consistent with the ‘economic fundamentals’ — whatever that means. The term became fashionable in the late 1960s when the British pound was overvalued; the transactions of the Gnomes advanced the date of the devaluation that was inevitable and that the British authorities were attempting to forestall.

Suggested Citation

  • Robert Z. Aliber, 2011. "The Gnomes of Zurich Play in the Largest Market in the World," Palgrave Macmillan Books, in: The New International Money Game, edition 0, chapter 4, pages 51-64, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-24672-0_5
    DOI: 10.1057/9780230246720_5
    as

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