There are rumours in Geneva this weekend that the Swiss government is on the edge of breaking off diplomatic relations with the US, over the harassment Swiss banks and the Swiss government have been getting from the IRS, calling it a violation of national sovereignty. I knew they were pissed off… but didn’t think they’d ever tire of being Mordor’s paid minions...
I have no idea how deep this kind of thinking is, but it certainly suggests that the Swiss are not happy bankers right now. The growing intertwined global financial regulatory world makes it difficult for Swiss bankers to simply tell the U.S. to take a hike up a Swiss mountain. Should they attempt to do so, would the U.S. retaliate by adding Swiss banks to its terrorist watch lists?
Are we really this close to this type of financial madness?
Time will tell.
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