The Swiss Central Bank de-pegged the Franc from the Euro and lowered its interest rate to negative -0.75%.  The Swiss are reacting to the European Central Bank (ECB) plans to print 500B Euros.  They could no longer hold down the value of the Swiss Franc and keep it pegged to the rapidly de-valuing Euro.  Swiss markets are all down, because this will drive up the value of Swiss products in international markets and hurt Swiss exports.  However, this now makes the Swiss Franc possibly the top safe haven currency.

This was a very significant event and all the financial commentators and professionals keep saying nothing like this has ever happened before.  No country has ever purposely raised the value of their currency, nor has a respected central banking system ever fully embraced negative interest rates to combat deflation in an attempt to ignite inflation.

What Made the SNB End the Minimum Exchange Rate? (1-15-15) Bloomberg Video
http://www.bloomberg.com/video/snp-what-made-them-end-the-minimum-exchange-rate-yDVPsbYUS_qRBCXAYyJhqA.html

SNB Ends Minimum Exchange Rate, Cuts Interest Rate (1-15-15) Bloom berg Video
http://www.bloomberg.com/video/snb-ends-minimum-exchange-rate-cuts-interest-rate-uXR2QtLETAWbk0zsCFyS6A.html

SNB Ends Franc Floor, Cuts Interest Rate to -0.75% (1-15-15) Bloom berg Video
http://www.bloomberg.com/video/snb-ends-franc-floor-cuts-interest-rate-to-0-75-MPHRlF5IQTexYU6Me4gUFA.html

FX Strategists on SNB’s Surprise Removal of Franc Cap (1-15-15) Bloom berg Video
http://www.bloomberg.com/video/fx-strategists-on-snb-s-surprise-removal-of-franc-cap-pZ8iQwXERMyQ6dKC2nHr6A.html

SNB Franc Move a `Major Deflationary Shock’: Halpenny (1-15-15) Bloomberg Video
http://www.bloomberg.com/video/snb-derek-halpenny-sees-franc-move-as-deflationary-shock-9JqQH2w8RtO4wEa6azuYKA.html

SNB Had to Act Ahead of QE From the ECB: Sri-Kumar (1-15-15) Bloomberg Video
http://www.bloomberg.com/video/snb-had-to-act-ahead-of-qe-from-the-ecb-komal-sri-kumar-t6GFMtNWT7SmLdK9HT0~vQ.html