Jim Rickards on Currency Wars 2015 : First Shots Fired In Europe

In the excellent interview below, Jim Rickards explains why the first shots of the currency war have been fired in Europe:

Whenever you have to Peg something, it tells you that you’re fighting the market- because you’re attempting to keep the market from going to a certain level.   Central banks and hedge funds almost always lose when you’re fighting the whole market
The Swiss National Bank’s actions- I look at it like a Hedge Fund hitting a stop and saying “Hey, I hit the level, I gotta get out of the trade”. 
The Swiss were going to end up owning all the Euros in the world!  The Swiss’ actions connect to the ECB’s  QE.  
The credibility of the SNB is in shreds.  They came out and lied to their people.   The SNB told the Swiss to Vote No on the Swiss Gold Referendum because if you vote yes, we’ll have to break the peg, and we don’t want to break the peg.  They lied to their own people and the markets- their credibility is in shreds.  All Central Banks are manipulating markets, and its very damaging. 

Rickards full interview is below: