One important thing that was not argued well in my opinion is that the Swiss National Bank pegged its Swiss franc to the euro on Sept. 6, 2011. I lost a lot of money on that day, because I had all my net worth in CHF, as I trusted it to keep its value and not be devalued fast.
The good thing that came out from it is that I realized that even Switzerland's central bank cannot be trusted, and moved to Bitcoin. I never looked back.
The tiny swiss were the last to delink its currency to gold. They tried really hard, under enormous pressure, but finally relented in 2000 with the new constitution, where the delink was tied to a bunch of other constitutional directives..
So in summary - The country can only do so much before the big guns aimed at it take their pound of flesh.
I am not sure the central bank is faultless in the example you cite, however, appreciate that we live in a world where other powerful people are not interested in the well being of swiss banking customers.
I understand the pressure that Switzerland was in, and I don’t really care as I got back the money I lost on that day by many times.
At the same time I was used to the trains and trams being precise by the second in Zurich (I loved taking the train to work every day), and everything being predictable, that’s why it was a wake-up call for me.
The central bank's priority is probably stability and the well being of Swiss people using SFR for wages and mortgages rather than maximising the profits of currency speculators. If you want the latter then indeed bitcoin is no doubt a better match.
I too still dont really understand why they did that. I mean sure i get it, but it seems so counter intuitive especially now where we can expect the usd and eur to devalue even more
The good thing that came out from it is that I realized that even Switzerland's central bank cannot be trusted, and moved to Bitcoin. I never looked back.