We have the makings of a total collapse here - two major powers and a regional financial capital. I think that Japan is beyond help. Unless there's a sharp upturn in the auto sector very quickly in the U.S., Japan is drifting away from the lifeboat. We're talking tens of thousands of suicides, homeless Japanese citizens, and exports and imports that are falling at a faster rate than any time since WWII (already, not predicted). British citizens are the only ones in the world more indebted than Americans, but unfortunately for them, their government does not enjoy the luxury of having a major reserve currency, and their financial industry may just take a much more severe beating than New York's. Their too-big-to-fail banks are already nationalized, for the most part (Northern Rock, RBS, Lloyd's, etc). Switzerland is in a world of hurt given the Madoff scandal and the UBS vs. U.S. Government spat that threatens Swiss Banking Secrecy....what the hell are they going to fall back on if things go south, as they appear to be headed? Chocolate?
Yup...if U and US UBS fails, we could all get fucked.. http://www.youtube.com/watch?v=ANZYp_BkKFc&fmt=18
Turns out that Japan was in a double bubble. It's own and the global credit bubble. The Nikkei is just coming a long for the ride. Suicides in that conutry are high enough. Very scary stuff.
Why don't you actually come to Switzerland and have a precise look on what is happening here? You seem quite badly informed on the situation.
UBS lending out billions to Eastern Europe is one thing you can't pin on the american home owner. It will be quite interesting to see how Europe reacts when it is finally forced to take some responsibility for it's own actions (without blaming the U.S.).
Why? It's a lot less expensive to read about it. It's all over the news. Switzerland deeply affected by fraud http://www.opalesque.com/49040/Pictet_on_how_to_avoid_exposure.html
That's exactly what I said: come here. you are like these poor guys who invested in emerging markets without having stepped one foot in these countries.
agree. i dont see anyone beeing nervous in switzerland. And: I would NOT give any information to the IRS.
I didn't invest any money in Switzerland, Switzerland is not an emerging market, and again, why would I need to go to Switzerland to comment on the financial problems that it is suffering and that are being reported everywhere?
Wrong perception of Switzerland. Ten Richest Countries (based on 2004 GNP per capita in US$) 1. Luxembourg ... $56,380 2. Norway ... $51,810 3. Switzerland ... $49,600 4. United States ... $41,440 5. Denmark ... $40,750 6. Iceland ... $37,920 7. Japan ... $37,050 8. Sweden ... $35,840 9. Ireland ... $34,310 10. United Kingdom ... $33,630