A colloquial and derogatory term used to refer
from Zurich, Switzerland. The word 'gnomes
' comes from Western folklore defined as imaginary beings that live underground and are accompanied by their wealth
, and has therefore been applied to Swiss bankers due to their occasional adoption of secretive policies
. This phrase was coined in 1965 by the British politician, Harold Wilson. At that time, he blamed Swiss bankers for pushing down
of the Pound through speculation
on the foreign exchange markets.