from Sovereign Man:
Switzerland is the place that has traditionally stood above all the rest in its reputation for financial stability.
Why? Because the currency was well-managed, the banking system was sound, and the country had a long tradition of treating capital well.
Over the last few years, however, these advantages have collapsed.
Switzerland has voluntarily surrendered banking privacy, and the many Swiss banks are now hemorrhaging cash.
Even worse, the Swiss government destroyed its reputation for respecting capital when they pegged the Swiss franc to the euro in 2011 to arrest the franc’s rapid rise.
The country’s top central banker at the time, Philipp Hildebrand, claimed that he would buy foreign currencies in ‘unlimited quantities’ to defend the peg.
Please follow SGT Report on Twitter & help share the message.