CHF 'No longer a safe haven'

Here's some data
UBS level 3 assets are $72B
Level 2 $700b
Swizterland 2007 GDP $423B
how on earth are they supposed to bailout their banking system

Assets(stocks, bonds, commodities, mortgages just about everything) have been going down over the last year, that doesn't look like it will stop.
I dont buy the argument that 'it only UBS that is in trouble' in a million years. swiss bankers dont control worldwide assets it doesn't matter what their reputation is
Plus you got the IRS case and they are shutting down clients. This doesn't look good for CHF. Shorting CHF against JPY could be an interesting trade, does anyone disagree?
 
Quote from syspool:

Although the Kantonalbank of Zürich and of Vaud had some problems in the past, they are all quite safe. The customers deposits are guaranteed by the Kanton's (province) government. Actually these Kantonalbanks are owned by the Kanton's governments. I guess the safest are the ones in the small cantons. Zug Kantonalbank for instance is very conservative and probably one of the safer ones.

Felix
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what about the Swissquote bank (they are both: a broker and bank)?

isn't part of CHF still backed by Gold? (20% or so?)
 
The only Swiss banks affected are the two largest ones. The others are virtually unaffected and all have been doing aggressive writedowns.

The Swiss economy is rock solid in relation to the rest of the world in this crisis. Growth is lax - just like elsewhere - but there is no debt crisis affecting Switzerland's economic stability or system.
 
Quote from Gringinho:

The others are virtually unaffected and all have been doing aggressive writedowns.
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you mean like goldman sachs :p
all it takes is the threat of a large failure and CHF should take a beating. swiss debt to gdp goes to the moon on a banking bailout scenario
 
There is a danger a smaller version of what happened with Iceland happens with switzerland. this european meltdown wont stop for years, we were all lied to there is no 'global growth' story, not for the next few years
 
Quote from Debaser82:

Jim Rogers buys CHF.

Sometimes early, never wrong.:)
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yeah like shorting long term treasury bonds?he was wrong on that for all pratical purposes, making money on a trade after 8 years or whatever can hardly be called being right. he read the market wrong but of course he wont admit that. he might not even be alive by the time gets on the black on that one
 
Rogers might be one of the few traders (in his own mind) historically that never had a losing trade. :cool:

Currently, watch him label the blood bath in commodities a 'correction', not a bear market. He continues to claim that commodities are in a long term bull market (Why? Because Jim says so). Talk about being subjective and emotional.
 
Quote from karol88:

what about the Swissquote bank (they are both: a broker and bank)?

isn't part of CHF still backed by Gold? (20% or so?)
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Although Swissquote has a banking license, they focus on the brokerage business and I'm not sure if they have a broad variety off savings accounts. Check out their website for further details...

Swiss national bank has sold most of their gold as the CHF isn't bound to gold anymore...
 
the Swiss president went to TV today to report that they would support the financial sector 'if needed'. this time is different, looks like the swiss are going down the tubes as well
 
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