The End of Banking Secrecy–The End of Switzerland?
Is Switzerland doomed after banking secrecy has been broken? Is Switzerland still a safe haven? Will Switzerland and its private banking industry survive the rapid regulatory changes and attacks by “bankrupt nations” with an interest in having a piece of Switzerland’s success?
In response to the aforementioned questions, I shared some hard facts and figures regarding Switzerland with the group. What struck me was the expression of surprise on the faces of many attendees; clearly, although the group was very familiar with Switzerland, they too had been concerned and led to believe that Switzerland is hurting and fledgling. This, of course, is the result of on-going propaganda and the continuous denigration of Switzerland in the mainstream media. However, it has little to do with reality.