Swiss Committing Full Blown Suicide
The Swiss began secrecy when Adolf Hitler came to power in 1933 and declared it to be illegal to for a German to have an account outside of Germany. The Swiss adopted their secrecy laws in 1934. This time, the Swiss are giving up everything and its bureaucrats that made these deals have no clue why Switzerland became a wealthy nation. The Swiss bureaucrats and giving up everyone and now evenAustralians.
The Swiss bureaucrats have forgotten that the origins of Switzerland and how it began as a tax revolt against the Hapsburg Empire whose tax collectors made William Tell shoot an apple off the head of his son. Switzerland was a refuge for the French fleeing the revolution and the guillotine. They were the refuge for those who were religiously being discriminated against. The long historical birth if Switzerland and what it stood for has been abandoned. This seems to be in line with the peak in the real estate boom there being 26 years during next year as well. With the peg, loss of its financial base, and its worldwide asset tax is setting the stage for the serious shift in direction for Switzerland itself. If William Tell were alive today, he would be leading an army in revolution against the current government.Cancelling of Notes – For the Record
To make it clear, people have a window to exchange the notes. No one loses money if they exchange the notes within that window. The reason behind this maneuver is to PREVENT people from hoarding cash tax-free.
For the normal person having a reasonable amount of money, there is no problem provided you act within the window. It becomes their discretion to redeem after that period of time.
If you suddenly walked in with notes that were 30 years old and they were part of some estate, that would generally be honored. The issue is to PREVENT people from using cash to avoid taxes. If you have a million dollar equivalent, then you have a lot of explaining to do to prove you paid the tax.
This is why the notes are not used internationally other than dollars because people do not know when they expire or how to exchange them. Moving to electronic currency will certainly really screw-up the entire world economy where a lot of places do not have communications. In Kiev, dollars are king and most people deal in cash because they do not trust the state.
It is now ILLEGAL to pay a hotel bill in France in cash for example with more than 1,000 euros.
European Tradition of Cancelling the Currency
QUESTION: Mr. Armstrong; I have never heard of cancelling a currency and replacing it where the old notes are worthless. This is routine in Europe?
Thanks
ANSWER: Yes. The old 50 pound notes in Britain are cancelled as of April 30th. Then in 2016, Britain will cancel all its currency again coming out with plastic notes abandoning paper.
First there were the British White Notes between 1694 and 1955. These are all cancelled as well.
In 1914 there were Treasury notes that were cancelled in 1928. Typically, notes have been cancelled every 17 years (2 x 8.6). Very interesting.
There is no legal obligation to actually redeem old notes. The rest of Europe follows the same procedures. Bank notes are just routinely cancelled and this PREVENT then from being a real reserve currency used around the world as the dollar.
