Gnomes of Zurich

History

After World War II, British Labour party politicians were worried about speculation against the pound undermining the economic regime. Economic growth in the United Kingdom was low, only half that of Germany and France. The demand for pound sterling started to fall.{{cite web

Although Swiss bankers had been criticised in Britain since the 1950s, the term "gnomes of Zürich" originated in a crisis meeting of the Labour politicians in November 1964.{{cite book | url-access = registration

Paul Rossy, a top banker in Zürich at the time, stated, "In the world it is not the image, but the substance behind the image which counts." The phrase "gnomes of Zürich" was adopted by the Americans as well.

Impact

Soon after the catchphrase became famous, a few Swiss bankers started answering their phone as "Hello, gnome speaking". A Swiss banker who moved to London was nicknamed the gnome of Notting Hill. The phrase also gave name to the 1966 T. R. Fehrenbach book on the history and practices of Swiss private banking, The Gnomes of Zurich.{{cite book

In the early 21st century, Zürich bankers are still very wealthy, but less powerful compared to London, New York, Dubai, and Shanghai as leading financial capitals. The Zürich Money Museum displays the sculpture of a gnome - founder Jürg Conzett says that nowadays, bankers see gnome as almost a noble title. Bankers currently based in London who are agitated by rising taxes, stricter regulation and public animosity towards investment banking have considered moving in large numbers to Zürich itself, where banking is "the state religion".

Other uses

• The lost 1969 British television sitcom The Gnomes of Dulwich is an allusion to the phrase.
• 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 1960s rock band from North East England, and a 1990s psychedelic rock band from Minneapolis.{{cite book
• The Gnomes of Zürich are one of the playable factions in Steve Jackson's card game of conspiracy, Illuminati. Their goal is to collect a specified amount of megabucks, the game's currency.{{cite book | url-access = registration
• The phrase is reflected in the Black Swan Man comic, where the main character gained deep financial knowledge by living with Alpine gnomes in his youth.
• The original version of the computer game Zork makes reference to an "epicene gnome of Zurich".
• Valiant Comics' Archer & Armstrong features a group of literal gnomes referred to as the Gnomes of Zurich, one of many factions within the Sect formed to kill the titular Armstrong.
• The Cyberpunk 2020 adventure-book Northwest Passage plays on the term by featuring a stockbroker family called the Zuriches in the city of Nome.

References

References

1. McCann, Graham. (27 June 2021). "Stranger Things: When sitcoms strain to be different - Comedy Chronicles".
2. "''The Birth of the Black Swan Man''". J. Galt Holdings, LLC..