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APR 17, 2013 - Zero Hedge

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Australia: The 'New' Switzerland?

Submitted by Simon Black of Sovereign Man blog, Switzerland is the place that has traditionally stood above all the rest in its reputation for financial stability. Why? Because the currency was well-managed, the banking system was sound, and the country had a long tradition of treating capital well. Over the last few years, however, these advantages have collapsed. Switzerland has voluntarily surrendered banking privacy, and the many Swiss banks are now hemorrhaging cash. Even worse, the Swiss government destroyed its reputation for respecting capital when they pegged the Swiss franc to the ... Read More

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