The term Gnomes
can be used in either a general or a particular sense: generally, it refers to the powerful bankers
, especially those who speculate
in foreign currency markets
. More particularly, it can refer to a hypothetical specific group
of super-elite bankers who are thought by some to actively control the world money markets
. How you use it depends on what you think of world conspiracies
The term was coined by Great Britain's Labour ministers during the 1964 sterling crisis.