Friday, March 6, 2009

Loss of Swiss Bank secrecy may hurt the franc

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.

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