11/29/2012

Currency War Coming to Europe?

Courtesy of Bruce Krasting.

Switzerland is becoming politically isolated in Europe. The country got a big slap in the face from Germany this week. The German Upper House refused to accept a settlement offer from the Swiss government over the very messy matter of German tax cheats, and their accounts with Swiss Banks. A bit of history:

-  The US Justice Department took on the Swiss over banking secrecy four-years ago. The DOJ used a very big club. The deal was that the Swiss would give up the “Names” of account holders, if they did not, they would have to close up all business in the USA. So the Swiss government, on behalf of their banks, folded like a cheap suit in the rain.

...

Continue Here

Nov 29, 2012 12:00:00 AM | Immediately available to public, Phil's Favorites

The comments to this entry are closed.

NEXT POST
SAC Receives Wells Notice Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. It turns out the topic of today's much expected conference call originating at 72 Cummings Point Road Stamford, is what many already knew yesterday, namely that the SEC has warned SAC that after years and years of pursuits, the enforcer is finally getting close in for the kill, and has sent a Wells Notice, usually a first step before civil charges are filed. SAC SAID TO TELL CLIENTS IT GOT WELLS NOTICE FROM SEC LAST WEEK The notice will be filed against the holdco, implying Cohen himself will be...
PREVIOUS POST
Hyperinflation and the Pernicious Myth of Modern Monetary Theory: Dollar Vigilantes Hyperinflation and the Pernicious Myth of Modern Monetary Theory: Dollar Vigilantes Courtesy of Jesse's Cafe Americain "One might argue that when the government has to find a private sector buyer for its debt first, rather than selling the debt directly to the central bank, that imposes a certain degree of market discipline on fiscal policy. But it’s hard to see that there is all that much of a disciplinary bonus here. When a central bank announces that it is prepared to buy government securities, the announcement automatically guarantees an eager private sector market for the securities – if there wasn’t...

Ilene

I'm editor at Phil's Stock World, and editor for Stock World Weekly. My background is in the biological sciences, and law. After a brief career in the legal field, I changed directions and am now working as an editor, and very much enjoying my experiences in the editing world.

ThemeResearch
Jarsch
Michael Panzner
bloomingcactus
Sam

Search

Become a Fan

My Other Accounts

Recent Comments