What the Swiss National Bank did yesterday was nothing short of financial terrorism. FXCM blown out!

The fallout is starting to pour in...

It's bad enough when the banks and traders of Wall Street are left to blow up our financial system with their irresponsible behavior, but central banks are created and tasked to prevent unecessary bankruptcies and insolvencies.

I guess the Swiss National Bank doesn't think so. Their action yesterday--the abrupt and untelegraphed end to their euro/swiss peg--was nothing short of financial terrorism. The result is that now we see entire, healthy, viable, firms have been blown up. FXCM has been blown up and there are reports of many other firms starting to trickle it.

FXCM was a true success story. Founded by four young entrepreneurs they built the biggest U.S. retail forex firm. It is now destroyed and seeking a rescue thanks to the SNB.

Wall Street has done a lot to shatter the confidence of investors over the year, but a central bank??? It's pretty much time to take your chips and walk away from the table for good.