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To: bull_dozer who wrote (69067)	12/5/2010 3:12:19 AM
From: elmatador	Respond to of 218083

Everyone wanted to be a gnome. Before we had gnomes only in Zurich. Then everyone wanted to emulate them and become a gnome. The result is plain to see: 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 term was coined by the British Labour Party politician Harold Wilson, then Shadow Chancellor, in 1956 when he accused Swiss bankers of pushing the pound down on the foreign exchange markets by speculation. The relevant portion of Wilson's speech in the House of Commons ran as follows: Traders and financiers all over the world had listened to the Chancellor. He had said that if he could not stop wage claims the country was facing disaster. Rightly or wrongly, these people believed the Chancellor. On September 5th, when the T.U.C. unanimously rejected wage restraint, it was the end of an era, and all the financiers, all the little gnomes in Zürich and other financial centres, had begun to make their dispensations in regard to sterling.[1] en.wikipedia.org