Of course there is no way of telling if teh Hungarian leaders are clever or just confrontattional. But it does seem to me they are at the very least not folding yet but raising the stakes. They could still back down or they could go fro broke (literally) and call everyone's bluff.

I am suer the US and the IMF are more concerned about the sudden independance of Germany. But I do think Washington's many departments would love to see Germany put in a osition where they seem unable to cope and their actions undermine the strength of the EU. Both would suit WDC quite well.

The point at which the Swiss recover too little – good question. I have no idea. But today's action won't be helping.Let's watch and see when and how big the Swiss CB currency intervetion is.

Frog2,

Radical actions? Not by my definition. Large and unwise actions? More than likely. They have gone so far down their present policy shaft I can't see them having the balls to admit it was wrong now. I thnk they will go for anotherbail-out. It will be a disaster if they do. But I think it's all they can see.

I don't think they believe the things that I advocate. I don't think they believe my kind of argument at all. They are entirely captured by the policy mind-set which suits the bankers and the rest of teh finanial class.

Plus this whole bank crisis is allowing the Tories to accomplish all the things they wanted to do but were not able to do via the ballot box. Now they can do it all.

Meltdown ? Yet another exciting week ahead , with the ATM's still working …but I do wonder how much our politicians are aware of what is happening ?

Are they planning positive radical actions or just re-arranging the few paperclips on their desks ?

No. 2 -I am sure the US-flavoured IMF is more worried about a new Deutchmark, than any collateral damage to Hungary & the Bulgars.

No. 3 -The more the Swiss franc increases in value, the worse the chances of them recovering any debts; at what point does that become a Mobius strip?