March 24, 2013

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It Begins: US Plans to Tax Deposits in Swiss Accounts

Reuters reports (via ZeroHedge) that Switzerland has reached a secret deal with the United States to assist the US government in conducted a Cyprus-style confiscation of deposits held in Swiss bank accounts.

The question then is: how many of the oligarchs, Russian or otherwise, who avoided a complete wipe out and total capital controls in Cyprus, will wait to find out if the same fate will befall them in Switzerland? Or Luxembourg? Or Lichtenstein? Or Singapore?

Or any other formerly considered “tax-haven” nation?

This should be a very interesting week in the banking world. I told you that the appetite of elites for other people’s money is insatiable.

What would a run on Swiss accounts look like?