Gnomes of Zurich is a disparaging term for Swiss bankers. The term was coined by the British Labour Party politician Harold Wilson on November 12, 1965 when he accused Swiss bankers of pushing the pound down on the foreign exchanges by speculation. Swiss banks are world-renowned for their secretive nature and protection of clients. ... The Labour Party is a centre-left or Democratic Socialist political party in the United Kingdom (see British politics), and one of the United Kingdoms three main political parties. ... James Harold Wilson, Baron Wilson of Rievaulx, KG, OBE, PC (March 11, 1916 – May 24, 1995) was one of the more successful Labour Prime Ministers of the United Kingdom and a 1960s icon. ... November 12 is the 316th day of the year (317th in leap years) in the Gregorian Calendar, with 49 days remaining. ... 1965 was a common year starting on Friday (the link is to a full 1965 calendar). ... The pound sterling, which strictly speaking refers to basic currency unit of sterling, now the pound, can generally refer to the currency of the United Kingdom (UK). ... Speculation is the buying, holding, and selling of stocks, commodities, futures, currencies, collectibles, real estate, or any valuable thing to profit from fluctuations in its price as opposed to buying it for use or for income - dividends, rent etc. ...

Wilson's speech ran as follows:

Traders and financiers all over the world had listened to the Chancellor. He had said that if he could not stop wage claims the country was facing disaster. Rightly or wrongly, these people believed the Chancellor. On September 5th, when the T.U.C. unanimously rejected wage restraint, it was the end of an era, and all the financiers, all the little gnomes in Zurich and other financial centres, had begun to make their dispensations in regard to sterling.

Swiss bankers are popularly associated with extremely secretive policies, while gnomes in fairy tales live underground, in secret, counting their riches. Trades Union Congress headquarters at Congress House in Great Russell Street near Tottenham Court Road, Camden, London. ... This article is about the mythical creatures. ... A fairy tale is a story, either told to children or as if told to children, concerning the adventures of mythical characters such as fairies, goblins, elves, trolls, giants, and others. ...

Zurich is the commercial center of Switzerland. General view showing Grossmünster church. ...