Is Swiss Banking a threat to world peace?
If Swiss banking is destroyed, the world can live in peace
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If Swiss Banking system is destroyed, the world can live in peace
If Swiss banking system is destroyed, the world can live in peace
Even Adolf Hitler did not attack Switzerland
Once upon a time, Switzerland was viewed with respect. It was a land of serene beauty and good people graced all the important posts. Swiss banking and also Swiss watches were world famous. Tourists flocked Switzerland. Many United Nations Organizations’ headquarters were located in Geneva. During the World Wars, Switzerland took a neutral stand and even Adolf Hitler did not attack Switzerland.
Caesar’s wife should be above reproach
But today that image is fast changing. Swiss Central Bank head Philipp Hildebrand resigned from his post after the breakout of a scandal. The scandal was related to foreign exchange trades by his wife. Caesar’s wife should be above reproach, so goes the adage. But here the Central Banker’s wife Kashya profited after purchasing $504000 in last August. The dollar rose significantly after intervention by the Central Bank to halt the rise of the Franc, thereby giving good profit to Kashya. The media took up this issue seriously and it has cost Philipp his prestigious job.
Italian company roping in a Swiss company in India
The relations between India and Switzerland are growing. Swiss company Kuehne + Nagel which is engaged in freight forwarding business will be managing the complete warehousing operations of Bonfiglioli, the Italian company. Where does India come in the picture? Bonfiglioli is putting up an assembly unit plant near Chennai. This is a classic example of a multinational company roping in an overseas firm to act as its third party logistics service provider.
If Swiss Banks are destroyed, criminal and terrorist activities will come down
Switzerland’s anonymous numbered accounts and secret banking services have attracted illegal money from throughout the world. India ranks number one in this regard. Indian politicians loot public wealth for an amount estimated at not less than Rupees two lakh crores (nearly $50 billion) and deposit the money illegally in Swiss banks. Criminals find Switzerland as a safe haven for their activities. Swiss government directly and indirectly encourages criminal activities throughout the world. Switzerland earns much wealth because of the crimes committed in the rest of the world. In other words, if there is a rogue nation in the world, it is not Pakistan or North Korea or China or Iran, but it is Switzerland. In fact, if Switzerland is attacked and its banking system destroyed, many of the criminal and terrorist activities in the world will come to a stop and the world will live in peace. Today Switzerland is living in peace and the rest of the world suffering. Swiss banking system can be destroyed only by an outside attack on that country as one cannot expect Switzerland to destroy its own banking system.
The treaty will not cover past acts
Swiss banks say that they are ready to reveal the names of the customers who have got illegal money in their bank accounts. But countries like India are not soliciting this information because the ruling party Congress is involved in many scams and its leaders have deposited their ill-gotten wealth in Swiss banks. But countries like USA are availing the service and are pressing Swiss authorities to disclose more details. Revised tax treaty with Switzerland will enable India to seek specific information on illegal funds. But this treaty will not cover the past and so the existing politicians can escape scot free. Switzerland has also rejected the bid to ban investment banking. Swiss lawmakers in their Lower House of Parliament endorsed the proposals to curb risk-taking activities at UBS AG and Credit Suisse Group AG, Switzerland’s biggest banks.
Swiss franc cannot replace dollar as the world currency
Swiss Franc is overvalued and is posing acute threat to the economy of Switzerland. It also carries the risk of inviting deflation. Earlier when the US economy suffered because of the downgrading by S&P along with European economy because of the debt crisis, it was thought that Swiss Franc could serve the purpose of the world currency and could replace the US dollar over a period of time. But many analysts pointed out that the Swiss economy itself looks strong only because of the ill-gotten wealth from criminals, this proposal was abandoned.
Looted money will not come back to India
India and Switzerland are to sign a Free Trade Agreement (FTA). This treaty may be signed along with the revised bilateral double taxation avoidance treaty. The treaty was expected to come into effect from October last year after Switzerland ratified it. But all these treaties are just to fool the public. The politicians, business people, criminals, bureaucrats and the Judges are not going to return the already looted money to the public.
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