Friday, March 6, 2009
For nearly 400 years Swiss banks have been known for their impenetrable secrecy and those secrecy laws have resulted in $trillion flowing into Switzerland from around the world. That is ending.
It's a major paradigm shift that raises serious questions about the Swiss franc as a safe haven currency. Will it be anywhere near today's current exchange value in five years? My sense is, no. That's why I am shorting the swiss franc.