Tag Archives: Switzerland

Switzerland mirrors EU sanctions against Russia

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“Switzerland has issued an expanded sanctions list against Russia which includes 5 banks, several companies and 11 Russian citizens. The move comes as the country doesn’t want to be used to bypass European sanctions on Moscow.  The affected financial institutions will have limited access to the capital markets of Switzerland. Moreover, Russian banks will require approval to issue long-term financial instruments in Switzerland, the statement said.  In addition, Switzerland has banned the import of materials for military purposes, the export of equipment for the oil industry, and limited the opportunity for investment in Crimea and Sevastopol.”

http://rt.com/business/183296-switzerland-sanctions-russian-lenders/

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Swiss Gold Initiative’s Paypal Donation Account Frozen

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“I have been involved in the Swiss Gold Initiative.  The Swiss National Bank is opposing this initiative.  They have admitted that it stops their ability to manipulate markets.  The campaign is going well.  The public has generously donated because of KWN and other sites.  But that came to a stop two days ago when Paypal closed the account for donations and they froze the funds that were in that account without any warning.  So unfortunately the campaign cannot receive some of those donations which were just frozen.  Paypal will not even answer the questions we are asking them, but I assume the money will be returned to the donors.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/30_Powers_That_Be_Have_Frozen_Money_For_Swiss_Gold_Initiative.html

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Save Your Swiss Gold – Peter Schiff’s Message to Switzerland

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“I know in Switzerland you have all kinds of protests coming from the Swiss National Bank or the government – ‘You can’t do this. You can’t require that we have 20% gold backing.’ Well, prior to the removal of gold backing, think about the Swiss economy prior to 1999. Was there a problem having a gold standard? No. Why do you think the Swiss economy did so well? Why do you think Switzerland prospered more than countries like Italy or Spain or France or Greece? It’s because the Swiss politicians were disciplined by a gold standard. So you had sound money. You had limited government. You had real economic freedom, and you made progress.”

http://schiffgold.com/commentaries/save-swiss-gold-video/

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Central banks that trade on the stock market [2013]

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“Most people don’t realize that the central banks of Belgium, Japan, Greece, Switzerland, and South Africa are all publicly-traded. In times past, central clearinghouses were typically privately-owned while the issuance of bank-notes was the domain of competing banks. The fact that a few central banks still retain traces of their former private nature is a good reminder that centralized banking isn’t necessarily the domain of the public sector. Though the shareholders of the five central banks may to some extent ‘own’ their nation’s central bank, they don’t exercise the same degree of control over their company that regular shareholders do.”

http://jpkoning.blogspot.com/2013/02/central-banks-that-trade-on-stock-market.html

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Swiss central bank opens Singapore branch [2013]

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“The Swiss National Bank opened its first overseas branch on Thursday, in Singapore, as it seeks to improve management of its huge foreign currency reserves, including more than $50 billion in Asian assets.  The SNB has accumulated over 430 billion Swiss francs ($445 billion) in foreign currency defending the 1.20 per euro cap it imposed on the Swiss franc in 2011.  The bank is looking to diversify these reserves, nearly half of which was in euros as of the first quarter of this year, partly by branching into Asian assets.  Designed to improve the round-the-clock management of the reserves, Jordan said the Singapore office will allow the bank’s traders to operate in a favourable time zone.”

http://www.reuters.com/article/2013/07/11/snb-singapore-idUSL4N0FH0LO20130711

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Swiss central bank fights to block public vote on gold backing

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“Now the SNB is fighting on a new front: to block a populist motion that would force it to almost treble the proportion of reserves held in gold.  At the end of November, Swiss citizens will vote on an initiative that calls on the central bank to hold at least 20 per cent of its assets in gold; to repatriate any gold stored abroad; and to refrain from selling any gold in future.  The initiative seeks to tap into a current of Swiss public opinion that is fiercely proud of the country’s independence, and unsettled by the economic struggles of its neighbours. The government has rejected the idea, saying last year that ‘gold no longer has any meaning for monetary policy’. Parliament voted against it by a large majority.”

http://www.swissinfo.ch/eng/swiss-fight-to-block-public-gold-vote/41061340

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Liechtenstein for hire at $70,000 a night [2011]

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“The principality of Liechtenstein has decided to make itself available to private clients, from $70,000 (£43,000) a night, complete with customised street signs and temporary currency. Last year Snoop Dogg tried to hire it to use in a music video, but received a stern refusal from authorities.  Since then they have woken up to the marketing opportunities of their mountainous landscape. The price tag includes accommodation for 150 people, although the 35,000 inhabitants would remain. Any personal touches, such as an individual logo created out of candle wax or a customised medieval procession, come at an extra, undisclosed cost.”

http://www.theguardian.com/world/2011/apr/15/liechtenstein-hire-rental-scheme

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Several Swiss banks pull out of US tax settlement programme

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“At least 10 Swiss banks have withdrawn from a U.S. programme aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources.  Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in a programme brokered by the Swiss government to help the banks make amends for aiding tax evasion.  ‘At least 10 banks that had decided at the end of 2013 to pay a fine have withdrawn their decision,’ NZZ am Sonntag said, quoting unnamed lawyers and auditors. It did not name the banks concerned.  The newspaper said the banks were convinced they had not systematically broken U.S. law.”

http://uk.reuters.com/article/2014/08/31/uk-swiss-banks-tax-idUKKBN0GV0A520140831

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Pushback as US Expands Surveillance, Taxing Authority?

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“The suspicion among a number of expatriates is that renunciations are growing at a rapid clip and US officials are doing what they can to slow the exodus – by complicating regulations and more importantly by raising the cost.  Between the passport system (which only came fully into being after World War II), Coast Guard policies and the US projection of its taxing authority around the world, US officials – and the Anglosphere generally – seem determined to keep a much closer eye on citizens and their financial affairs. While this sort of approach is to date a US-centric one, there are treaties now being considered that will create a US-style approach around the world.”

http://www.thedailybell.com/news-analysis/35609/Pushback-as-US-Expands-Surveillance-Taxing-Authority/

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Swiss Parliament Rejects Gold Standard Initiative Pending Popular Vote

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“Swiss parliamentarians urged rejection of a popular initiative that would curtail the Swiss National Bank (SNBN)’s independence by requiring it to hold a fixed portion of its assets in gold.  Members of the Swiss parliament’s lower house voted 129 to 20 with 25 abstentions today against the plan, which demands that at least 20 percent of the central bank’s assets be in gold. It would also disallow the sale of any such holdings and require all SNB gold be held in Switzerland.  No date for a national vote has yet been set. Parliament and the multi-party government issue recommendations on all national referendums as a matter of procedure.”

http://www.bloomberg.com/news/2014-05-05/swiss-parliament-recommends-rejection-of-initiative-on-snb-gold.html

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