Swiss private banker predicts decline of the U.S.

Swiss private banker predicts decline of the U.S.

Markus Diem Meier, 26.8.09

The top private banker in Switzerland has had enough of the United States. In a text he says the country ahead of the economic decline and criticized the aggressiveness of the world.

Steer clear of U.S. assets: Konrad Hummler private banker to advise Totalrückzug from the U.S..

Konrad Hummler is a powerful man: He sits on the board of the Neue Zürcher Zeitung, is managing partner of the St. Gallen Bank Wegelin and President of the Association of Swiss Private Bankers Association. Small banks like Wegelin Asset Management and others in the association of the private bankers have a much bigger problem with the current softening of banking secrecy as the big banks. Because the latter can offer their services almost anywhere in the world on the ground.

Hummler is furious. From UBS comparison between the Swiss and the U.S. government, he holds nothing. In its most recent regularly published "Investment Comments" he criticizes the "window dressing, which the parties involved whipped endeavored to battle." The Swiss government he accused of being bent from the pressure from the U.S. and have thus committed a breach of faith ":" We were promised tolerated, gemimt stability - and has now fallen over. Under the glow of success conceals the failure "of a breach of loyalty, writes the private banker.

USA - the evil empire

Particularly hard, he goes into court with the Americans. His rhetoric is reminiscent of those of the Left in the seventies and eighties. The bankers saw in the U.S. during the Cold War nor the Protecting against the spread of communism. In the latest "Investment Comments" Hummler the U.S. now describes as a country, "the last of the 60 years unquestionably one of the world's most aggressive nations. The United States has "by far the most warlike acts, once with, mostly without UN mandate torn from the fence.

Hummler enumerates that the Americans violated international law of war, secret prisons maintained an absurd war waged against drugs and had supported questionable regimes. The United States was a country, leave the ruins of its infrastructure and "in some questionable practices condemned in hopelessly overcrowded prisons lies." Lower classes would not get the benefit of adequate education, nor of an appropriate health care. Finally, the United States to know how extensively made for the death penalty and this practice ".

Each is potentially a U.S. person

The moral and political condemnation is followed in more detail the economic. Hummler remains the main concern of the struggle for the taxes. He complains like other bankers have the "almost breathtaking" double standards of the Americans in their hunt for foreign tax Smurf holes: At home, however they would offshore havens "huge scale, both in Florida, Delaware, and entertain other entities. The bankers feared that the attempts by the Americans, the foreign tax claims are to be further increased. The consultant's bank Wegelin would therefore recommend that clients refrain entirely from investments in U.S. securities to.

The greatest future danger Hummler locates in a new application of American inheritance law. The U.S. estate tax when Erbenden Unbind not to, but when the inherited assets such as real estate or securities. Even a Swiss, who inherits a US-value writing, would therefore taxable on the U.S.. Who would not be fully loaded, must Hummler, according to U.S. tax authorities to disclose all assets. The bankers produce an example of full sarcasm: "The children of Hans Rüdisühli sel Melchnau must be made to make representations to the IRS and thereby provide an assessment of their homesteads due to some IBM shares, Hans had loved so dearly. The Americans would extend Hummler, according to the definition of a taxable U.S. person ever and to take still spongy. Even those who are staying longer in the U.S., could fall under this definition. For banks, it is therefore almost impossible to meet the clean from the United States set rules.

Americans are wrong

The aggressive driving global taxes by the United States is, according Hummler, however, a shot into his own leg. The Americans apparently would start from the fact that their country will remain the main target of international investors. But that holds Hummler for "kreuzfalsch".

Given the huge U.S. national debt is the land upside down on another international capital in urgent need. The U.S. government budget according Hummler works like a "Ponzi scheme" () is a pyramid scheme. The growth of the debt could be continued only so long as the audience no doubt about the continued performance of the Americans pay.

"It's time to say Goodbye"

Such doubts, however, he considers to be urgent. U.S. growth had been around 30-years only thanks to an increase in the debt come about. Especially in the last 15 years have only increased primarily in consumer and government spending, investment, however, the Americans were extremely weak. For the future therefore remains almost potential. The aggressive actions of the U.S. tax authorities, therefore, threaten, scare away the much needed foreign investors. That could take revenge one day in high costs of external debt.

Hummler see coming at all the destruction of the Americans: "Asia rises, Brazil also likely, Australia will be smiling Third, Europe may be able to reposition once more in the recovery of these countries. The U.S. remains the undeniable military and the debt problem and mountains. " His clients, he recommends a Totalausstieg from U.S. plants, calms Hummler, pointing out the whole market there was already overvalued. Despite all the write-downs since the outbreak of the crisis would only U.S. stocks, 12 percent above the long term "fair price level 'to lie. The brilliant conclusion of the banker from his furious polemic is therefore consistent: "That's why you probably do well to perform in a general departure from America." Until further notice, it must read: "It's time to say Goodbye."

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