How safe is Switzerland as a haven for financial assets (e.g. the Swiss Franc, storage of gold), considering the threat of Y2K?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Switzerland has long been a financial haven for asset protection. The Swiss Franc is backed by gold. The country has a long history of political neutrality. Its banking system is probably the strongest in the world. Gold and other precious metals can be stored privately and securely using vehicles like the Mocatta Delivery Order. I have found a couple of sites that address the issue of Y2K remediation efforts:
The State of Remediation in Switzerland at: http://www.y2ktimebomb.com/IW/AK/iw9821.htm
Switzerland/Y2K Status at: http://www.y2ktimebomb.com/IW/AK/iw9821.htm
But I have not found any substantive information which gives me any reasonable assurance that money deposited in Swiss banks, invested in Swiss annuities, or invested in gold held in the Moccata warehouse (est. in 1671) would provide a safe haven against loss associated with the Y2K problem. What is the CURRENT state of remediation in Switzerland? Is it likely that their banking system would fail? Is it likely that the Swiss power grid would fail? Is the global telecommunications system so fragile that in investor may lose contact with the guardian of his assets?
-- Don Chen (DChen@newbie.xxxcom), February 18, 1999
Have you already taken care of the basics, such as heat, water, food, sanitation, cash, and barter items? Yes, an investor could lose contact with the guardian of his assets. Banks could have liquidity problems because of loans made to businesses that have gone bankrupt.
-- Kevin (firstname.lastname@example.org), February 18, 1999.
Good question. How safe is Switzerland?
-- Leo (email@example.com), February 18, 1999.
Money and gold deposited by long-dead Jews who died in the Holocaust is *still* very safe in Swiss banks... It won't do you any good if you're dead and if your surviving children cannot provide "satisfactory" proof to the Swiss bankers, eh? They'll keep it *very* safe for you. Then of course, Switzerland could be devastated by Y2K problems also.....
-- CYNIC (firstname.lastname@example.org), February 18, 1999.
If the phones go "down", forget it!
As far as neutrality, that is probably only in peacetime. I read (no URL available...) that the Swiss have (or are about to) signed an agreement that they will side with NATO if war breaks out.
-- Anonymous99 (Anonymous99@anonymous.com), February 18, 1999.
Hey, they use numbered bank accounts don't they?
This is a didgit problem isn't it?
-- Andy (2000EOD@prodigy.net), February 18, 1999.
Don, I had two Swiss Annuities. Last year I cashed them in.....not because I thought the banks and insurance companies there would fail, but because the thing I feared most was not being able to do anything with the money.
If the international banking system is hard hit then the weak link will be international transactions, and getting the money returned to the US requires an international transaction.
-- you're (email@example.com), February 18, 1999.