Their other policies were implicitly "A bet on a higher Swiss/euro exchange rate" which "implies that the SNB will stop intervening." The Austrian analysis of Grant was quite sound.

Meanwhile, more FX firms are getting margin calls to the great beyond. The banks are also starting to feel the call of Kahless.

Also, muppets get crucified.

Wenzel has a good analysis of the situation here. Basically it comes down to the fact that currency interventions are a massive giveaway to FX traders; when it ends unexpectedly the cronies are unprepared. TIP: I'll bet all the SNB connected firms unwound their positions well in advance, and bought default swaps against everyone else.