Gnomes Of Zurich

Gnomes Of Zurich
A disparaging term used to describe Swiss bankers. Labor party politician George Brown coined the term in November 1964 during a meeting over the rapidly declining value of the British pound that was part of a currency crisis. British labor ministers were convinced that the foreign exchange speculation activities of Swiss banks were causing the devaluation of the sterling. The term came back into fashion in early 2010 when the global financial crisis created financial instability in Europe.

Zurich is the largest city in Switzerland and a major world financial center. Gnomes are mythical creatures that are said to live underground where they guard money. Swiss banks are known for their extreme secrecy, and they historically kept customers' deposits in underground vaults. Thus, the term "Gnomes of Zurich" came to describe Swiss bankers.

Investment dictionary. . 2012.

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  • Gnomes of Zurich — Gnomes of Zu‧rich [ˌnəʊmz əv ˈzjʊərɪk ǁ ˌnoumz əv ˈzʊrɪk] noun [plural] informal BANKING used to refer to important bankers and financier S from central Europe, especially Switzerland, who are considered to have a powerful but secret political… …   Financial and business terms

  • Gnomes of Zürich — is a disparaging term for Swiss bankers. Swiss bankers are popularly associated with extremely secretive policies, while gnomes in fairy tales live underground, in secret, counting their riches. Zürich is the commercial center of Switzerland.The… …   Wikipedia

  • Gnomes of Zurich — plural noun the financiers of Zurich, Switzerland, usually with derogatory reference to their control of international monetary funds. See gnome1 (def. 3). {popularised in the 1960s by George Brown, 1914–85, minister for economic affairs in the… …  

  • Gnomes of Zurich — Swiss bankers …   Eponyms, nicknames, and geographical games

  • gnomes of Zürich — An unflattering term applied to Swiss bankers and financiers, alluding to their secrecy and speculative activity. It was popularized by the Labour politician George Brown during the sterling crisis of 1964 …   Big dictionary of business and management

  • gnomes of Zurich — /ˌnəυmz əv zjυərɪk/ plural noun important Swiss international bankers (informal) …   Dictionary of banking and finance

  • Gnomes — Gnome Pour les articles homonymes, voir Gnome (homonymie). Un gnome de forêt (illustration) Le gnome est une créature …   Wikipédia en Français

  • The Gnomes of Dulwich — is a United Kingdom television sit com originally shown in six episodes from 12 May 1969 to 16 June 1969. Written by Jimmy Perry, the show starred Terry Scott, Hugh Lloyd, John Clive, Leon Thau, Anne de Vigier and Lynn Dalby as gnomes living at… …   Wikipedia

  • Gnome — Pour les articles homonymes, voir Gnome (homonymie). Gnome regardant passer un train par Carl Spitzweg (1808–1885). Le gnome est une petite créature …   Wikipédia en Français

  • Gnome (créature fantastique) — Gnome Pour les articles homonymes, voir Gnome (homonymie). Un gnome de forêt (illustration) Le gnome est une créature …   Wikipédia en Français

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