Armstrong Economics Blog/Banking Crisis
Re-Posted Aug 4, 2017 by Martin Armstrong
QUESTION: Hi Marty
A quick question for you – given the moves afoot inside the EU are blocking bank accounts even of those with less than €100,000 , which banking jurisdictions would you put on the shortlist for those ordinary people resident in Europe who want a bank in a decent jurisdiction and where the regulatory framework is relatively sensible ?
ANSWER: The best choice is obviously Britain or the United States. We need to ensure that BREXIT takes place. Therefore, temporarily, Switzerland is a near-term option. The EU Commission would have control over ALL banks within the EU. Since the Swiss franc will decline against the dollar, a US dollar account would make sense since US banks use Treasuries for reserves, whereas European banks use politically correct debt of all EU member states