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  #581  
Old 18.08.2011, 15:17
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Re: Swiss Franc Climbs to Record High

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Historically Swiss banks were discreet, today they happily hand over details of account holders, I sincerly doubt most foreigners that have assets in Swiss banks hold mainly CHF cash balances, most wealth will be in world wide equities. Min account balances are generally very high for non resident account holders except perhaps Post Finance.
As far as Swiss residents are concerned Swiss banks are still 100% discrete with respect to the Swiss authorities (tax man).
Where these banks are no longer discrete is due to enormous political pressure from dictatorial governments (US, UK and EU) on the Swiss government to change Swiss law so that Swiss banks now have to provide foreign governments with details of non-resident bank accounts.
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  #582  
Old 18.08.2011, 15:24
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Re: Swiss Franc Climbs to Record High

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Where these banks are no longer discrete is due to enormous political pressure from dictatorial governments (US, UK and EU) on the Swiss government to change Swiss law so that Swiss banks now have to provide foreign governments with details of non-resident bank accounts.
Yes, but as I understand any law change cannot just be made by the government. The legal system and possibly the people need to be involved as well.
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  #583  
Old 18.08.2011, 15:40
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Re: Swiss Franc Climbs to Record High

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Yes, but as I understand any law change cannot just be made by the government. The legal system and possibly the people need to be involved as well.
You are of course correct. However, I gave the above answer 'off the cuff' and I believe it is more or less correct but I have not followed the details of this event well enough to say exactly how it panned out. Possibly 'das Volk' (the people, i.e. the sovereign) could change that decision. I would be grateful if anyone in the know could give fuller details.
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  #584  
Old 18.08.2011, 15:42
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Re: Swiss Franc Climbs to Record High

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You are of course correct. However, I gave the above answer 'off the cuff' and I believe it is more or less correct but I have not followed the details of this event well enough to say exactly how it panned out. Possibly 'das Volk' (the people, i.e. the sovereign) could change that decision. I would be grateful if anyone in the know could give fuller details.
As far as I understand the Swiss government agreed a year or two ago to hand over bank details but the high court in Switzerland over-rode them. This as I understand does not apply to people who commit criminal acts.
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  #585  
Old 19.08.2011, 00:04
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Re: Swiss Franc Climbs to Record High

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Ye gods and little fishes!
With my £ and US$ pension, maybe I should 'climb to a record high' and jump
I think I will be jumping with you.....My Army pension is in Euro, im loosing nearly 700sfr a month in comparison to what it was worth 2 years ago.....
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  #586  
Old 19.08.2011, 10:51
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Re: Swiss Franc Climbs to Record High

So, the panic resumes. And with it the flight to safe heavens. USD up, US Treasury yields fall to record low, CHF strengthens. A capitulation has occurrred in equity markets over the last two days

Interestingly, Sterling has held up comparatively well now that France and Germany, the engines of the Euro have also reported growth slowing to next to zero.

All this is happening because Europe's politicians haven't gone far enough or deep enough to reassure markets that the sovereign debt/economic problems will be addressed. This is about political will, or rather lack thereof.

The ECB and the rest of the central banks will now be increasing liquidity to increase money supply. That means high inflation/low interest rates for a very long time.
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  #587  
Old 23.08.2011, 05:43
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Re: Swiss Franc Climbs to Record High

"Analysis - Gold shines as Swiss franc's haven appeal dims" (Reuters)
http://www.reuters.com/article/2011/...77L5AH20110822
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  #588  
Old 23.08.2011, 16:18
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Re: Swiss Franc Climbs to Record High

Strangely despite the strong Swiss Franc it is reported Swiss exports actually rose 3.3% in July 2011.

hurrah for the swiss!!
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  #589  
Old 23.08.2011, 16:20
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Re: Swiss Franc Climbs to Record High

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Strangely despite the strong Swiss Franc it is reported Swiss exports actually rose 3.3% in July 2011.

hurrah for the swiss!!
3.3% by what. Volume? CHF? EUR?
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  #590  
Old 23.08.2011, 16:28
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Re: Swiss Franc Climbs to Record High

Report here.
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  #591  
Old 31.08.2011, 17:23
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Re: Swiss Franc Climbs to Record High

CHF showing signs of rising again versus major currencies
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  #592  
Old 31.08.2011, 17:26
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Re: Swiss Franc Climbs to Record High

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CHF showing signs of rising again versus major currencies
I would say other currencies are falling against CHF which makes more sense not CHF rising
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  #593  
Old 31.08.2011, 17:30
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Re: Swiss Franc Climbs to Record High

“Over the wires the electric message came – it is no better, it is much the same.”
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  #594  
Old 31.08.2011, 17:52
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Re: Swiss Franc Climbs to Record High

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I would say other currencies are falling against CHF which makes more sense not CHF rising
It's relative.
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  #595  
Old 31.08.2011, 19:48
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Re: Swiss Franc Climbs to Record High

You can't keep a good one down long
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  #596  
Old 31.08.2011, 20:16
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Re: Swiss Franc Climbs to Record High

The direction of the franc reversed today because the SNB had stepped back from the swap market over recent days and the Economics Minister said the government has no exchange rate target in sight. All he talked about was measures to counter unemployment and boost tourism ie measures to counter the consequences of a strong franc rather than measures to prevent a strong franc.
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  #597  
Old 31.08.2011, 23:31
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Re: Swiss Franc Climbs to Record High

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The direction of the franc reversed today because the SNB had stepped back from the swap market over recent days and the Economics Minister said the government has no exchange rate target in sight. All he talked about was measures to counter unemployment and boost tourism ie measures to counter the consequences of a strong franc rather than measures to prevent a strong franc.
I was getting so much happy watching the exchange rate of the franc decreasing every day... at one day it reached 1.20 against the euro when few weeks ago it almost touched parity!
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  #598  
Old 31.08.2011, 23:31
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Re: Swiss Franc Climbs to Record High

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I would say other currencies are falling against CHF which makes more sense not CHF rising

As the Euro is far below the targetted 1.30 rate the SNB will have to intervene once again, quite massively, because what you write means that there is a danger of the CHF rising against the other currencies again. And already now, many Swiss companies have begun to outsource production sectors to other countries in an unprecedented way, which is endangering jobs by the thousands or tenthousands.

The statistics showing a rise in exports are complete rubbish. Why ? Because the invoices of Swiss companies to their customers INCLUDE the value of products delivered from other countries. And because there are numerous companies who are proforma Swiss but are actually based elsewhere.

In short, the SNB will have to increase the money volume once again. When SNB President Leutwyler did similar things 20 years ago, an increased inflation started almost immediately, but not now to all appeareance.

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You can't keep a good one down long
But it has to be done to keep that good thing from exploding through the ceiling ! It has to be possible to save the country even if some speculators do not agree, folks who do not care about a country getting ruined as long as they can do their dirty deals.

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The direction of the franc reversed today because the SNB had stepped back from the swap market over recent days and the Economics Minister said the government has no exchange rate target in sight. All he talked about was measures to counter unemployment and boost tourism ie measures to counter the consequences of a strong franc rather than measures to prevent a strong franc.
Let's be clear, you speak about an Economics Minister most likely to lose his job before the end of the year. His "program" is regarded as shit, his recipes are regarded as shit, his politics is increasingly regarded as shit. As just to try to reduce the consequences of a crazy exchange-rate is a hopeless case.

But the SNB has to care about the CHF not to rise again. This is imperative.

Another aspect. Have you seen how Mrs Widmer-Schlumpf, while officially agreeing with Mr Schneider-Ammann, apparently gave clear orders to the SNB presidency to act according to HER interests as Finance Minister. To ruin the chances of Mr S-A for re-election is important for Mrs W-S, as him getting replaced by a SVPler takes pressure away from her and so secures HER job. It is election-year !

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Last edited by Wollishofener; 31.08.2011 at 23:46.
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  #599  
Old 01.09.2011, 09:39
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Re: Swiss Franc Climbs to Record High

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Let's be clear, you speak about an Economics Minister most likely to lose his job before the end of the year. His "program" is regarded as shit, his recipes are regarded as shit, his politics is increasingly regarded as shit. As just to try to reduce the consequences of a crazy exchange-rate is a hopeless case.

But the SNB has to care about the CHF not to rise again. This is imperative.


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I don't disagree with any of this. The problem is that outside of Switzerland, capital markets listen when the Economics minister says Switzerland will have to live with a strong franc for a long time. Measures designed to deal with the consequences, coupled with a halt in intervention are taken as strong signals that the Government's aim is to slow the rally in the franc rather than reverse it.
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Old 01.09.2011, 10:22
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Re: Swiss Franc Climbs to Record High

Wolli's right (of course). This is election year and although not one party has actually said anything specific which the SNB doesn't already know, they're leaving their political commentary very restrained as no one seems to have anything clever to say.

One thing that strikes me that has not been brought up yet is why Swiss export companies should still have to pay vast amounts of CHFs on import VAT when they re-export those goods again anyway? Certain Swiss exporters only generate foreign income and they're being forced to transfer more foreign funds than ever presently to create Swiss Francs which they pay interest free to the Swiss Government only to reclaim it all back three months later anyway. WTF? As no one in Bern is about to run out of cash, why not waive this ridiculous VAT process for companies with say more than 50% foreign revenues? You read it here first.
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