Here's some data UBS level 3 assets are $72B Level 2 $700b Swizterland 2007 GDP $423B how on earth are they supposed to bailout their banking system Assets(stocks, bonds, commodities, mortgages just about everything) have been going down over the last year, that doesn't look like it will stop. I dont buy the argument that 'it only UBS that is in trouble' in a million years. swiss bankers dont control worldwide assets it doesn't matter what their reputation is Plus you got the IRS case and they are shutting down clients. This doesn't look good for CHF. Shorting CHF against JPY could be an interesting trade, does anyone disagree?
what about the Swissquote bank (they are both: a broker and bank)? isn't part of CHF still backed by Gold? (20% or so?)
The only Swiss banks affected are the two largest ones. The others are virtually unaffected and all have been doing aggressive writedowns. The Swiss economy is rock solid in relation to the rest of the world in this crisis. Growth is lax - just like elsewhere - but there is no debt crisis affecting Switzerland's economic stability or system.
you mean like goldman sachs all it takes is the threat of a large failure and CHF should take a beating. swiss debt to gdp goes to the moon on a banking bailout scenario
There is a danger a smaller version of what happened with Iceland happens with switzerland. this european meltdown wont stop for years, we were all lied to there is no 'global growth' story, not for the next few years
yeah like shorting long term treasury bonds?he was wrong on that for all pratical purposes, making money on a trade after 8 years or whatever can hardly be called being right. he read the market wrong but of course he wont admit that. he might not even be alive by the time gets on the black on that one
Rogers might be one of the few traders (in his own mind) historically that never had a losing trade. Currently, watch him label the blood bath in commodities a 'correction', not a bear market. He continues to claim that commodities are in a long term bull market (Why? Because Jim says so). Talk about being subjective and emotional.
Although Swissquote has a banking license, they focus on the brokerage business and I'm not sure if they have a broad variety off savings accounts. Check out their website for further details... Swiss national bank has sold most of their gold as the CHF isn't bound to gold anymore...
the Swiss president went to TV today to report that they would support the financial sector 'if needed'. this time is different, looks like the swiss are going down the tubes as well