Gnomes of Zürich
Encyclopedia
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
.
, Labour Politicians
were worried about the undermining of their post-war economic regime due to possibility of high speculation against the pound. The economic growth in United Kingdom was low
, only half of that of Germany and France.The demand for pound sterling started to fall.
The Swiss Bankers already were already being criticised in Britain since the 1950s. The term first originated in the crisis meeting of the Labour Politicians in November 1964. The politicians blamed the Swiss Bankers for raising speculation against the pound. During the meeting, politician George Brown
criticised the Swiss Bankers. He said: " The Gnomes of Zurich are at work again." Since then the term "Gnomes Of Zurich" caught on, and was used by many other politicians at the time. Then Prime Minister, Harold Wilson vowed to resist the gnomes' sinister power.
Gnomes originated in European folklore and are depicted to be greedy.
Paul Rossy, a top banker in Zurich at the time stated "In the world it is not the image, but the substance behind the image which counts." The phrase was adopted by the Americans as well.
In recent decades, the Zurich bankers have lost the foothold they had in the global economy due to the rise of London, New York, Dubai and Hong Kong as leading financial capitals. The Zurich Money Museum displays the sculpture of a gnome. Jurg Conzett of Zurich Money Museum says that nowadays, bankers see gnome as a noble title.
Bankers currently based in London agitated by the rising taxes, stricter regulation and public animosity towards investment barking [sic] are speculating moving in large numbers to Zurich itself where banking is "the state religion".
Gnomes of Zurich is also the name of a classic rock band from North East England, and a 1990's psychedelic rock band from Minneapolis.
The Gnomes of Zurich are one of the playable Illuminati in Steve Jackson's card game of conspiracy, Illuminati
. Their goal is to collect a specified amount of megabucks, the game's currency.
Swiss bankers are popularly associated with extremely secretive policies, while gnomes
Gnome
A gnome is a diminutive spirit in Renaissance magic and alchemy, first introduced by Paracelsus and later adopted by more recent authors including those of modern fantasy literature...
in fairy tales live underground, in secret, counting their riches. Zürich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...
is the commercial center of Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
.
History
After the second world warWorld War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, Labour Politicians
Labour Party (UK)
The Labour Party is a centre-left democratic socialist party in the United Kingdom. It surpassed the Liberal Party in general elections during the early 1920s, forming minority governments under Ramsay MacDonald in 1924 and 1929-1931. The party was in a wartime coalition from 1940 to 1945, after...
were worried about the undermining of their post-war economic regime due to possibility of high speculation against the pound. The economic growth in United Kingdom was low
Economic history of the United Kingdom
The economic history of the United Kingdom deals with the history of the economy of the United Kingdom from the creation of the Kingdom of Great Britain on May 1st, 1707, with the political union of the Kingdom of England and the Kingdom of Scotland...
, only half of that of Germany and France.The demand for pound sterling started to fall.
The Swiss Bankers already were already being criticised in Britain since the 1950s. The term first originated in the crisis meeting of the Labour Politicians in November 1964. The politicians blamed the Swiss Bankers for raising speculation against the pound. During the meeting, politician George Brown
George Brown
- Politicians :* George Brown, Baron George-Brown , British politician, Secretary of State for Foreign Affairs* George Brown, Jr. , U.S...
criticised the Swiss Bankers. He said: " The Gnomes of Zurich are at work again." Since then the term "Gnomes Of Zurich" caught on, and was used by many other politicians at the time. Then Prime Minister, Harold Wilson vowed to resist the gnomes' sinister power.
Gnomes originated in European folklore and are depicted to be greedy.
Paul Rossy, a top banker in Zurich at the time stated "In the world it is not the image, but the substance behind the image which counts." The phrase was adopted by the Americans as well.
Impact
Soon after the catchphrase becoming famous, a few Swiss bankers started answering their phone as " hello, gnome speaking". An audacious Swiss banker moved to London in order to set up his business and named it "Gnome of Notting Hill".In recent decades, the Zurich bankers have lost the foothold they had in the global economy due to the rise of London, New York, Dubai and Hong Kong as leading financial capitals. The Zurich Money Museum displays the sculpture of a gnome. Jurg Conzett of Zurich Money Museum says that nowadays, bankers see gnome as a noble title.
Bankers currently based in London agitated by the rising taxes, stricter regulation and public animosity towards investment barking [sic] are speculating moving in large numbers to Zurich itself where banking is "the state religion".
Other Uses
The phrase is reflected in the traditions of the Zürich Grasshoppers Rugby Club, whose mascot is a gnome and which occasionally plays a third/casual team called "The Gnomes".Gnomes of Zurich is also the name of a classic rock band from North East England, and a 1990's psychedelic rock band from Minneapolis.
The Gnomes of Zurich are one of the playable Illuminati in Steve Jackson's card game of conspiracy, Illuminati
Illuminati
The Illuminati is a name given to several groups, both real and fictitious. Historically the name refers to the Bavarian Illuminati, an Enlightenment-era secret society founded on May 1, 1776...
. Their goal is to collect a specified amount of megabucks, the game's currency.