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What are the Gnomes of Zürich?

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Written by Hugh McManus

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In the show Wall Street Week, the host, Louis Rukeyser, had a sentiment indicator made up of twelve Wall Street titans.  He referred to the members of this indicator as "the elves," paying homage to the Gnomes of Zurich.  So what are these gnomes?  The expression was coined by the late Harold Wilson, British shadow chancellor of the exchequer at the time, as a disparaging comment on Swiss bankers.   In 1964, Britain suffered from labor unrest; the Trades Union Congress refused an agreement on wage restraint, which triggered renewed speculation on the pound sterling.   Although he didn't single out Swiss bankers exclusively during a speech at the time where the expression first appeared, Wilson's colorful comment about the Gnomes of Zurich dominated the headlines. Harold Wilson served as Prime Minister from October 16, 1964 until June 19, 1970; he later went on to succeed Edward Heath as prime minister, serving for two more years in the post from March 4, 1974 to April 5, 1976.   He was succeeded by James Callaghan.  Harold Wilson died on May 24, 1995 aged 79. < Prev