wellington said:Swiss is my home in Europe.
Up until perhaps Covid i would agree, since Covid, Swiss has ceded a lot of control (direction) in addition, is also opening up on-par with the EU as a surveillance (financial), lastly because the Swiss People voted against bail outs in 2018, which was ignored in 2023, the Swiss people are on the tune for systematically important bank failures (in Swiss) which is predominantly non Swiss money.
So taxes are rising, in addition the Swiss CHF isn't backed by Gold (like some people think) but tech stocks (NASDAQ) the Government was smart by not debasing their currency in-line with the rest by buying US T-Bills predominantly (or equiv) but putting Tech stocks on their Central Bank balance sheet.
But Swiss is in a difficult position, Poland, France will become dominant players on the continent, Germany is finished, it remains to see where Swiss fits in, in this, Swiss success was being a home for wealth in Europe... that will shrink.
Click to expand...The truth about Switzerland? I have had a summer Lakeside place there for over 30 years. If you have the assets (at least $2 million or an income of $200,000 a year, you can live like a middle-class Swiss person. The advantage is that everything is on time, reliable & always works-Like What? Phones, elevators, trains, planes, wi-fi, and vending machines. It is very safe. Food is exceptionally clean & healthy. Medical/dental care is expensive but the best in the world. The Govt stays out of your hair. Politics is a non-issue, Nobody even cares or knows the name of the president. There are no oppressed minorities although "guest workers" who get a permit to stay for only a few years can save money to take back home, they are not going to live as well as even poor Swiss. Privacy is respected. Prostitution and gambling is legal- just like in Las Vegas. And there is a criminal underworld running a lot of that sort of thing.
Disadvantages?Almost Everything is twice the price vs. across the borders in Italy, France, and Austria. Sugar, Electronics, Not. If you don't respect local customs & laws you can get into trouble with huge fines. How? For stuff like being too noisy & disturbing your neighbors, Being Drunk & disorderly- can get you prison time and deportation, speeding, going through red lights, littering, and even making illegal U-turns, I learned to be very low profile, and law observant the hard way when I jaywalked across an empty street.
Bank secrecy is no more . I don't see how the banks survive. Very high charges? I deposited CHF20,000 and 4 years later, I got back CHF 16,000 after charges and negative interest. They certainly have cut back on staff, and have downsized. Getting away from dependence on Swiss banks is one reason I got into Bitcoin & ETH.
That's my 2c for today. Peter Taradash a/k/a "Grandpa 85"
