When will there be an interplanetary monetary fund?

September 15, 2008. Lehmann Brothers goes bankrupt. What follows is a gigantic political masquerade in which everyone wants to pull their weight: we cannot let our banks die, they are good "too big to fail", too big to fail. So, we're going to knock on the door of the State, even more too big to fail, which presents itself as the great savior of the capitalist world. The opportunity was too good to miss for any politician worthy of the name, who can finally play the role of the moralizer in the face of these arrogant bankers. And what a godsend for the left! The facts have finally proven them right, the economy cannot function without the State, even if just a few months later we see that the legacy of social democracy makes subprimes seem like a mere anecdote.

So, it was necessary to go and find the money where there was some left. The irresponsible and spendthrift states then turned to those they so nicely call "tax havens", these big bad guys who steal their money, but who in fact simply have a correct tax rate because they manage their money sensibly.

This is followed again by a grand ball between OECD politicians where the a blacklist and a graylist, corresponding to those who cannot be screwed and those who can just be scammed a little. They are put under pressure until they hand over the names of the horrible taxpayers who came there to hide their hard-earned money and who they do not want to leave in the hands of a plethora of highly paid senior officials.

A few names are provided, a few agreements are signed, everyone feels like they've won like at fan school, in short, everyone is happy. Only problem, nothing changes. The roosters have crowed in the barnyard, but the hens still have to lay their eggs to feed the farmer.

So, rather than solving the problem at its root, the spenders have just decided to take on even more debt. It's not complicated after all, we pass the problem on to the next member of the government, who will do the same in turn. We increase the debt ceiling, or we procrastinate a little, to make believe that we are still intelligent. At worst, in the end, we report the problem to a super-organization, type IMF or Europe, a bit like the banks did with the State. After that, when the IMF goes bankrupt, we will go see our Martian friends to see if they want to create an interplanetary fund.

In short, as a result of all this, the euro and the dollar are crashing, while Gold and Swiss franc reach stratospheric heights. Finally the market is proving the so-called tax havens right, but all this does not suit us at all. performance of our portfolio thus collapses in CHF, while with the euro as the reference currency it remains positive and above the market. We have already taken measures to correct this problem and we will continue in this direction in the future, in order to reduce the exchange rate risk on our portfolio.

One can also question the passivity of the government and the Swiss National Bank. Export companies, the tourism industry and even banks are beginning to suffer seriously from the strong franc. Only watchmaking is doing well, after all if you have to pay 20% more for a Rolex, that's classy, right?