Swiss banking is dead and buried

[Marzio]

Who will do business with Singapore if the Americans (and their EU vassal states) sanction Singapore?

There may be something i'm missing but... why US would sanction SG?

All other alternatives cannot offer the same quality can offer swiss banks

What about Canada banks? There are 5 CAD banks in the first 11 spots.

Yes i still remember when Trudeau froze protesters bank accounts but I think this was an extreme move infact i don't recall something like this happening before.

 

[jafo]

Strange how people can trust Asian offshore centers that are mostly dominated by Chinese banks including HK and Singapore.

I understand why you say this, but I have a mental construct that may influence a rather softer view of Asians, especially China.

Imagine you are in a place where there are no weapons! Evander Holyfield was looking to rob your business or worse . Mike Tyson tells you he'll pay you the fair market value for ½ your business (X). Now, you get ½X and are ALSO protected because there is very little chance that Evander is going to try to take Mike on the street level with no one to stop that fight. One is going to die. The other one will be accursed with a Pyrrhic victory.

We ALL know that American foreign policy/US DOJ are NOT trustworthy. Maybe the same with China, although their DOJ hasn't fined ANY banks outside China or indicted anyone (other than Chinese nationals) living outside China.

Something to ponder about... Let's NOT let our "affinity" to our own kind blind us to reason, logic, and reality.

There may be something i'm missing but... why US would sanction SG?

Your guess is as good as mine, but if Singapore, just like Switzerland, starts to become a banking hub and take away money from US banks and Oligarchs...watch out...
US tax havens: The new Switzerland. The US is a magnet for offshore wealth, notably South Dakota, which has guaranteed secrecy for family trusts

 

[Martin Everson]

Swiss neutrality is a thing of the past. Chinese and Arab account holders ware moving their funds out of Switzerland as they understand it’s no longer a safe place.

And some islanders...no names mentioned

.

After Credit Suisse debacle and failure to follow their own bail in rules and instead choose to literally change the law over the weekend to allow UBS to take over the bank without a shareholder vote I was done. Switzerland is no longer a country I would keep real money in personally. The center has no competitive edge any more for me to book any assets there.

 

[Alexmorgan]

If Switzerland is dead where is safe?

Crypto as i see

 

[4br]

Crypto and non fiat assets. I don’t see anything else safe.

@JohnnyDoe - I forget if it was you I went back and forth with in early 2021 and another guy regarding crypto. Some guy came in with stary crypto eyes and you weren't having it. Or another guy who had Mr. Burlesconi as his avatar.

If I have the right guy, have you changesd your mind since then?

I have been in crypto since 2013, but have been more based in reality as to its pros and cons than most holders. I've definitely been become more pro-crypto, only because I at least know I own the digits in a ledger. And it would be very difficult to prize them from me, unless violence is used. Meanwhile with the banks and financial institutions, we increasingly see we don't own them, and we've always known we don't know if our digits in bank ledgers actually exist on the central bank ledger.

I think that justifies crypto having a total market tap of north of $1.5T. Just knowing digits in a ledger exist and that it would be very difficult to sieze them makes it worth that much. That is how much of a clown world banking system we have. Something with no intrinsic value and no power is worth that much, only because something else is so bad.

The big vulnerability is the fiat price, if governments want to be aggressive against crypto. I don't know why they haven't.

So, come the end of the next cycle (Jan 2026) I am going to take a good chunk out of crypto and put it into into UAE real estate, so I can have a nice amount to live off if crypto gets hit. Other than that I'd leave it all in crypto.

 

[jafo]

After Credit Suisse debacle and failure to follow their own bail in rules and instead choose to literally change the law over the weekend to allow UBS to take over the bank without a shareholder vote I was done.

As the Joker succinctly stated it:

"Their morals, their code; it's a bad joke.
Dropped at the first sign of trouble.
They're only as good as the world allows them to be.
You'll see- I'll show you.
When the chips are down these, uh, "civilized" people?
They'll eat each other.
See I'm not a monster, I'm just ahead of the curve."

I think the Joker was discussing the Swiss

unless violence is used.

This can ONLY happen if you "doxx" yourself like these people did:
Known Physical Bitcoin Attacks. A list of known attacks against Bitcoin/crypto asset-owning entities that occurred in meatspace. NOTE: this list is not comprehensive; many attacks are not publicly reported.

 

[diatessaron]

Swiss has always been a proxy state, created by those who built the WW2 war machine which could kneel the entire planet if they seized the assets held in Swiss banks but for some reason didn't.

 

[Tomy223]

And some islanders...no names mentioned

.

After Credit Suisse debacle and failure to follow their own bail in rules and instead choose to literally change the law over the weekend to allow UBS to take over the bank without a shareholder vote I was done. Switzerland is no longer a country I would keep real money in personally. The center has no competitive edge any more for me to book any assets there.

Where do you suggest to keep money then? BNP?

P.S. 1000 bank accounts is hard for me to open in short time.

 

[Simon4466]

Where do you suggest to keep money then? BNP?

P.S. 1000 bank accounts is hard for me to open in short time.

How much are we talking about? Also what is your residency/citizenship?

I hear a lot of people from e.g. the EU come up with difficult offshore structures for less than a million whereas they could've just divided the money over a few banks and enjoy the deposit insurance (100k per bank in the EU). So if this is the case you don't need to worry much (at least about your banking that is ).

 

[JohnnyDoe]

@JohnnyDoe - I forget if it was you I went back and forth with in early 2021 and another guy regarding crypto. Some guy came in with stary crypto eyes and you weren't having it. Or another guy who had Mr. Burlesconi as his avatar.

for sure it was not me. I've been in non-fiat money since egold

So, come the end of the next cycle (Jan 2026) I am going to take a good chunk out of crypto and put it into into UAE real estate, so I can have a nice amount to live off if crypto gets hit.

Good luck with investing in a desert ruled by psycho beduins

 

[BTCNG]

And some islanders...no names mentioned

.

After Credit Suisse debacle and failure to follow their own bail in rules and instead choose to literally change the law over the weekend to allow UBS to take over the bank without a shareholder vote I was done. Switzerland is no longer a country I would keep real money in personally. The center has no competitive edge any more for me to book any assets there.

So, where would you keep your money these days? which countries?

 

[JohnnyDoe]

So, where would you keep your money these days? which countries?

You shouldn’t keep any more fiat money than what you need for short term expenses. Spread it around, in EU (because of the €100k insurance), Switzerland (for access to financial markets) and the U.S. ($250k insurance).

 

[Don]

You shouldn’t keep any more fiat money than what you need for short term expenses. Spread it around, in EU (because of the €100k insurance), Switzerland (for access to financial markets) and the U.S. ($250k insurance).

Don't worry, soon there will be a totally safe (with no risk of default) central bank digital currency to hold your funds in. Some innovative jurisdictions already have it. There are four live retail CBDCs in the world – in The Bahamas, the Eastern Caribbean, Nigeria and Jamaica.

 

[JosephLL]

Don't worry, soon there will be a totally safe (with no risk of default) central bank digital currency to hold your funds in. Some innovative jurisdictions already have it. There are four live retail CBDCs in the world – in The Bahamas, the Eastern Caribbean, Nigeria and Jamaica.

With an exclusive property of your balance to dissapear if you exceed your co2 quota.

 

[Kirito]

My problem with cryptocurrencies is their volatility. I'm in with BTC as gold and ETH as silver.

But I want a dollar/euro for everyday life and USDT + friends are not safe enough

 

[Martin Everson]

Where do you suggest to keep money then? BNP?

P.S. 1000 bank accounts is hard for me to open in short time.

Personally although I have a lot of bank accounts I am done with keeping wealth in the banking system and traditional financial markets. Nothing you put in a bank or into the financial markets belongs to you when push comes to shove. You merely have a claim to those assets in book form. I suggest storing wealth well outside the banking system in 2024 onwards. Give yourself options to avoid third-party overreach going forward.

P.S BNP is a too big to fail bank but piling up money in any bank is too risky these days for an islander like me unless you live in a first world country.

 

[JohnnyDoe]

My problem with cryptocurrencies is their volatility. I'm in with BTC as gold and ETH as silver.

1 btc = 1 btc
It’s the USD that is constantly losing value and has high volatity.

But I want a dollar/euro for everyday life and USDT + friends are not safe enough

Convert crypto to fiat only when you need it

 

[Kirito]

1 btc = 1 btc

1 btc = 1 btc
It’s the USD that is constantly losing value and has high volatity.

Convert crypto to fiat only when you need it

It's not as simple a that...

20K USD = 1 family car = who knows BTC

Today 1 BTC can get me a small house, tomorrow I don't know. That is volatility... even with the FIAT devaluation, I know how it devaluates, so I can plan ahead.

 

[backpacker]

Personally although I have a lot of bank accounts I am done with keeping wealth in the banking system and traditional financial markets. Nothing you put in a bank or into the financial markets belongs to you when push comes to shove. You merely have a claim to those assets in book form. I suggest storing wealth well outside the banking system in 2024 onwards. Give yourself options to avoid third-party overreach going forward.

Real estate isn't safe either. Actually, it's even less safe, considering that one is exposed to a single location and it is easy to impose additional taxes on it (government overreach).

There must be something better. Just, what can it be?

Everything crypto is too volatile to be a SAFE alternative.
Should we look at gold or other precious metals? Where to store??

1 btc = 1 btc
It’s the USD that is constantly losing value and has high volatity.

Fiat is constantly loosing value. True, that's how the system is built.
However, you can still argue that USD 1.- = USD 1.- . As much as you can argue that 1 oz of gold is always 1 oz of gold. So, saying 1 btc = 1 btc doesn't bring us any closer to a solution .

 

[PinkCat]

Swiss report fiat according to CRS, but what if you hold BTC or ETH with one of their new crypto friendly banks? Are digital assets reported via CRS?