Investing Answers Building and Protecting Your Wealth through Education Publisher of The Next Banks That Could Fail
Investing Answers Building and Protecting Your Wealth through Education Publisher of The Next Banks That Could Fail

Gnomes of Zurich

What it is:

Gnomes of Zurich is a slang, and often derogatory, term referring to Swiss bankers.

How it works (Example):

A gnome is a mythical greedy creature that lives underground and guards money. Swiss banks are known for their secrecy, hence the term. Zurich is the largest city in Switzerland.

Why it Matters:

The British Labour party began using the term in the 1960s after the value of the British pound was declining; some politicians felt that speculators in Swiss banks were causing the problem. When the global financial crisis occurred in 2010, the term regained its popularity.