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Re:Credit Suisse sheds nearly 25%, key backer says no more m... by simplotek on Wednesday March 15, 2023 @03:52PM (#35173806)
> The list is extensive to say the least.

Sometimes I wonder if the Swiss newfound love for a weirdly biased neutrality, which goes to the extent of destroying their own military gear instead of selling it to Ukraine, is rooted in appeasing certain Russians who stashed their fortunes in financial institutions such as Credit Suisse.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by mr_00ff00 on Wednesday March 15, 2023 @04:03PM (#35173965)
I think you are thinking too specifically. Neutrality is to appease all the rich that have stashed their fortunes. If most of the world condemned the US or China for an aggressive act, I would expect them to act the same.

If they take a side, they lose the fortunes of more than just Russians. Anyone who is controversial and has money in Switzerland will realize it’s no longer safe in the event the world exposes their bad deeds.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Wednesday March 15, 2023 @04:25PM (#35174245)
> Neutrality is to appease all the rich that have stashed their fortunes.

How did you get to this conclusion?

* Switzerland has neutrality since the Vienna Congress 1814/1815, more than 200 years

* they weren't really rich back then

* instead, big powers of Europe feared that Switzerland will join one of their opponents, so it was dictated to Switzerland originally

* later, when Switzerland saw how the countries surrounding them got demolished again and again in each war, they actually adopted it. It is now in their constitution, article 185.

* the consitution can only be changed by the electorate of Switzerland (about 6 mio people), not the government or the parliament

So why would these 6 million people add / keep neutrality "to appease the rich" ? Not all swiss people are rich. In the southern french parts the risk to sink into poverty is even higher than in some parts of Germany!

Maybe a not-so-swiss centric view can shed more light on your (wrong) hypothesis:

In Europe Switzerland isn't the only (current) neutral country. We have Austria, Ireland and some smaller ones, like Liechtenstein. We used to have also Portugal, Sweden or Belgium in the neutral camp. Are they all known to "appease the rich" ? I doubt. Except if your idea of not appeasing rich people is having a government form like Soviet Russia, GDR, or Yugoslavia.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by mr_00ff00 on Wednesday March 15, 2023 @04:30PM (#35174299)
This comment feels like it’s more directed at the comment above mine than mine.

I’m not implying that is where Swiss neutrality comes from, more making a counter point that IF they are staying neutral (currently) to protect fortunes then it’s not just to protect Russians.

I wasn’t making a statement about its history. Banking in Switzerland I realize is fairly recent. I am not even saying that’s definitely what they are currently doing.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by spandrew on Wednesday March 15, 2023 @05:31PM (#35175011)
Your initial assertion that Swiss is neutral to make money is not accurate. Historically it was to prevent casualties in wars between France and... whoever else. This has enabled it to be the bank of anyone trying to escape prying eyes - but that is a byproduct of their neutrality; not the purpose of it.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by zx8080 on Wednesday March 15, 2023 @11:11PM (#35177700)
> This has enabled it to be the bank of anyone trying to escape prying eyes - but that is a byproduct of their neutrality; not the purpose of it.

It's been some correlation between "neutrality" and "money" for centuries. They go hand in hand.

Sometimes it's really hard to tell the effect from the cause.

Also, it's easy to imagine "Neutrality brings us moneys! Let's stick with it.". Not saying if it's 100% true, of course.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Thursday March 16, 2023 @03:05AM (#35179052)
> I's been some correlation between "neutrality" and "money" for centuries.

You state still this falsehoods after I pointed out that

* other swiss pecularities (e.g. their banking laws about anonymous number accounts) might be more to blame

* other european neutral countries didn't exhibit any correlation between neutrality and money?

If you talk about correlation, then you need to take in the full data set. You speak general about neutrality, so take in ALL neutral countries. Malta, Ireland, Austria, Liechtenstein. And maybe even neutral microstates like Vatican.

Only THEN can you come to a conclusion. But not by only focusing on one single country, and extrapolating your observation to all of neutrality.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by GoblinSlayer on Thursday March 16, 2023 @03:51AM (#35179314)
They have anonymous accounts??? Like, fully remote?
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by timmattison on Friday March 17, 2023 @03:20PM (#35201614)
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Thursday March 16, 2023 @03:01AM (#35179027)
I clearly is/was directed at you.

Wasn't it you that stated the hypothesis "neutrality is to appease the rich"?

Can't you see that I tried to refute this hypothesis? But maybe you have arguments to back this hypothesis?

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by trompetenaccoun on Wednesday March 15, 2023 @05:40PM (#35175104)
Your comments are not contradictory, it feels you're both just looking at different corners of the same picture. like you mention yourself "they weren't really rich back then", now they are. How did they get so rich?
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by folli on Wednesday March 15, 2023 @05:47PM (#35175178)
Mostly industrialization and export of machinery and (later) pharmaceuticals. Banking is less of a relevant factor for Switzerland's GDP than most people realize. If I remember correctly even the insurance business (which is also considered financial industry) is larger than banking.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by makeitdouble on Wednesday March 15, 2023 @08:58PM (#35176823)
> Mostly industrialization and export of machinery and (later) pharmaceuticals.

Pharmaceuticals exports are highlight of Swiss exports, but as only 25% of the GDP is attributed to industry[0], this can't be a significant part of the economy.

Now how much of the 74% of the service revenue is banking is up for grabs, as tourism for instance is also a potentially big part. But even if it was only half of that, it would still be bigger that the pharma I guess ? (except if patents and/or IP was also counted as "services" ? but would it be that big either way ?)

[0] https://www.eda.admin.ch/aboutswitzerland/en/home/wirtschaft...

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Thursday March 16, 2023 @03:11AM (#35179091)
I know that the banking sector in Switzerland only employs 89'000 people. So the statement a bit above "banking doesn't contribute as much as people think" seems to be believable to me.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by GoblinSlayer on Thursday March 16, 2023 @03:57AM (#35179350)
Bank's income depends on the volume of its assets, not the number of employees. The usual power law.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by _a_a_a_ on Wednesday March 15, 2023 @06:56PM (#35175837)
With money.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by kragen on Wednesday March 15, 2023 @09:01PM (#35176843)
not getting into wars helped a shitload
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by ur-whale on Thursday March 16, 2023 @03:27AM (#35179175)
> not getting into wars helped a shitload

It very much did indeed.

And probably a lesson the rest of the world should finally learn.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by ekianjo on Wednesday March 15, 2023 @11:02PM (#35177634)
a thing called industrial revolution. ever heard about it?
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by zx8080 on Wednesday March 15, 2023 @11:14PM (#35177717)
Arms export too. Currently it's blooming [1]. As during all previous wars.

1 - https://www.bloomberg.com/news/articles/2023-03-07/swiss-arm...

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Thursday March 16, 2023 @03:10AM (#35179081)
> How did they get so rich?

I don't know exactly, maybe you tell me?

If it were because of Neutrality, then surely Ireland, Austria, Malta must have become equally rich. But ... they aren't. So certainly other factors than just neutrality contribute to it.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by oblio on Thursday March 16, 2023 @06:55AM (#35180337)
> Ireland, Austria, Malta must have become equally rich. But ... they aren't.

You might want to look at some recent GDP growth charts for at least Ireland and Malta ;-)

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by oblio on Thursday March 16, 2023 @11:45AM (#35183467)
Also, up until 2011 Austria was richer (GDP per capita) than the US.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by red-iron-pine on Thursday March 16, 2023 @01:08PM (#35184895)
Austria hasn't been neutral for very long. They were fighting all over Europe all of the time, including well after the CH went neutral.

Like, Austria was in both World Wars; the Swiss weren't.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by ur-whale on Thursday March 16, 2023 @03:23AM (#35179162)
> How did they get so rich?

The sanest political system in the world, where power is only ever reluctantly relinquished to the higher authorities (individual -> city -> state -> federation), unlike - say - the US, where the power that still remains in the hands of local govts is nothing but a joke.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by oblio on Thursday March 16, 2023 @07:01AM (#35180397)
How does your neat "I have the conclusion before I even collected the data" explain Singapore, for example?
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by ur-whale on Thursday March 16, 2023 @10:01AM (#35182088)
Lee Kuan Yew explicitly cited Switzerland as the best run country in the world and a model for Singapore in the 60's when he designed (with the help of foreign advisors such as Albert Winsemius [1][2][3][4]) the way the country's institutions would work.

[1] https://eresources.nlb.gov.sg/infopedia/articles/SIP_1457_20...

[2] https://www.worldscientific.com/pressroom/2022-05-25-01

[3] https://en.wikipedia.org/wiki/Albert_Winsemius

[4] https://thekopi.co/2019/09/02/albert-winsemius/

So, not sure your point carries much weight.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by trompetenaccoun on Thursday March 16, 2023 @10:49AM (#35182765)
Singapore is effectively a one party state, with the same group (PAP) in power for over 60 years. They outlawed public protests except for ones specifically sanctioned by them. They control the press. The son of the guy you cited is the current leader of the country. It's nothing like Switzerland at all and never has been, unless your argument is that both countries are capitalist and have leveraged their unique positions as tiny nations between major powers, establishing themselves as banking hubs. Politically, socially and otherwise they're nothing alike.

And just to drive home the point why citing unbiased sources is important: According to the early fascists they were a movement lobbying for democracy and women's rights, among other positive sounding demands. That was right on their manifesto in big letters. It didn't quite turn out that way, and in fact looking back with the power of hindsight people like Mussolini had questionable motives from the start.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by oblio on Thursday March 16, 2023 @11:07AM (#35182917)
Switzerland is primarily characterized by direct democracy, frequent referendums and its federal system that delegates a lot of power to the cantons.

Singapore is primarily characterized by... none of those things???

> So, not sure your point carries much weight.

It's not "my point", it's reality on the ground.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by petre on Thursday March 16, 2023 @12:54PM (#35184667)
They prey on poor Indians, Indonesians and Filipinos to advance their economy, just like the UAE. That's how.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by greatpatton on Thursday March 16, 2023 @09:26AM (#35181637)
Maybe because above all Switzerland always bring political stability as a key element of prosperity (a bit like the Chinese but with true democracy allowing this unique feature). The country has been in a permanent coalition government for the last 150years.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by omgomgomgomg on Wednesday March 15, 2023 @07:51PM (#35176307)
No, the guy is right.

The neutrality is used for propagating "you and your money are safe here", which is true at first glance. They are ready to take it from you as soon your seat gets a bit too hot for your liking.

The 1814 neutrality was granted after Napoleon invaded the confederation and made it a republic, only to be saved by Russia, no less, so a different solution had to be found.

They were dirt poor back then.

No country was afraid of Switzerland doing anything, they had no military might whatsoever, the current militia model was introduced in fear of a Nazi invasion.

Your statement about constitional changes is vastly incorrect, omitting many things, see here https://www.parlament.ch/de/%C3%BCber-das-parlament/parlamen...

There is no poverty is switzerland, even the worst off are better off than us citizens on food stamps. The treasury returns so much money to the cantons, they could build a socialst utopia if they wanted, so long the economy as a whole is fine. They already have such a thing on a federal level, its just not called guaranteed minimum income. Its been in place for a while. This all is before corporate and income taxes and vat.

Say what you want, but soviet russia and yugoslavia and such, exepct for the communist elite did not give an iota about appeasing the rich. Not saying it was the best way, but they stood their ground until they sank. Switzerland will sell out 1000 times any day before that happens.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by kragen on Wednesday March 15, 2023 @09:04PM (#35176870)
swiss mercs were dominant players in early modern warfare, and republican citizen's armies in the old swiss cantons go back in some cases 700 years
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by PetitPrince on Wednesday March 15, 2023 @09:33PM (#35177063)
> No country was afraid of Switzerland doing anything, they had no military might whatsoever

Swiss mercenaries were famous and feared enough to be regularly employed by the French royalty and also the Pope.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Thursday March 16, 2023 @03:21AM (#35179147)
> you and your money are safe here

Okay. But ... isn't "me and my money" not save in Malta? Or in Ireland? Or in Austria? Or used to be it unsave in Belgium, Portugal, Sweden? All mentioned countries are (or were) neutral.

> Your statement about constitional changes is vastly incorrect,

I stand corrected.

> There is no poverty is switzerland

Here you are vastly incorrect: https://www.swissinfo.ch/eng/society/poverty-in-switzerland-...

They have things like "Tafel" like in Germany, they have students that pay lots for their flats but have little income, they have homeless people ... the idea that there is no poverty, or no risk-of-poverty doesn't make sense, even when you don't know reports like the one I posted.

Oh, and not everyone can drive to Italy or Germany to enjoy 50% cheaper prices for groceries.

> even the worst off are better off than us citizens on food stamps

One doesn't exclude the other. You can be poor, and still be better off compared to some dysfunctional state.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by kwere on Thursday March 16, 2023 @01:32PM (#35185229)
Swiss confederacy kicked the ass of the Burgundy juggernaut[0] and was feared by all its more powerful neighbours which would have dreamed of controlling the natural fortress that is switzerland against their own rivals

[0]https://medium.com/@weeklydoseofhistory/the-burgundian-wars-...

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by smallnix on Wednesday March 15, 2023 @11:09PM (#35177691)
> In the southern french parts the risk to sink into poverty is even higher than in some parts of Germany!

I don't know about the validity, but I love how Germany (as one of the richest countries in the world), is used in this comparison.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Thursday March 16, 2023 @03:25AM (#35179171)
In this risk-of-poverty statistics, usually the people are compared to their peers. Like how much are other people earning on average? If you are under a certain level below this, you have a risk of poverty.

Many people regularly oppose this, as being inexact.

Maybe this is correct ... but: the mean income level also influences prices, e.g. for flats or groceries. Swiss prices here are exceptional. What costs 1 EUR in Germany costs 2 swiss francs there. And francs and euro are more-or-less on parity, if you exchange them. Droves of Swiss people drive to Germany (or Italy) to buy groceries. But: some people don't have a car. They can't do that.

I saw a map of Switzerland with different colors on how high the risk of poverty is estimated in which region, and clearly the french speaking parts around Genevre had a worse risk assessment than e.g. the italian or german speaking parts. You couldn't really see the Röstigraben, but you could still see a stark difference.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by shjake on Thursday March 16, 2023 @03:14AM (#35179110)
> 1814

I think it’s much older than that, though. The Swiss confederacy had been trying to be neutral since the 16th-17th centuries.

Also Austria does have some significant pro-Russian tendencies for some reason..

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by red-iron-pine on Thursday March 16, 2023 @01:14PM (#35184976)
The Russians exerted a vast amount of effort to recruit and generate sympathetic leaders in Europe (and elsewhere; i.e. Trump). They had a lot of sympathizers in Germany, and a small cadre of NATO-skeptics in France.

Austria is a lot smaller and easy to influence.

It's also not in NATO, and there is strong public sentiment to stay out of NATO -- which means there is a vacuum Russia can enter in ways that it cannot with full-on NATO members.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by GoblinSlayer on Thursday March 16, 2023 @03:43AM (#35179279)
All capitalist countries appease the rich. It's how capitalism works. Capital means wealth.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by norswap on Thursday March 16, 2023 @09:10AM (#35181437)
Switzerland's neutrality is a fact of geopolitics. The geography of Switzerland means a big part of the country is essentially a natural fortress with bunkers cut directly into the mountain and firing down. There is a reason the Nazis never invaded and that wasn't neutrality (neutrality didn't do Belgium any good in WW2). Unlike other countries, Switzerland can afford neutrality and it is ultimately the most profitable option.

Neutrality though made it a good place for exchange and safe-keeping. e.g. https://en.wikipedia.org/wiki/Nazi_gold

These days, I don't think Switzerland really fears an invasion, but it's true that the financial incentives have taken over. At the level of the population, the neutrality culture runs deep, and as Switzerland is one of the richest countries in the world, there's really no reason for the average Swiss to be upset about it.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by red-iron-pine on Thursday March 16, 2023 @01:19PM (#35185057)
The Nazis had plans to invade -- Operation Tannenbaum -- it just wasn't a priority. You're fighting the Soviet Juggernaut in the East, and the British Commonwealth + the US in the West. Why piss away tons of troops to get a small mountain country with no strategic resources that's effectively bottled up?

But knock out the UK or the Soviets, lower the pressure, and there is little doubt the Nazis would have made a go of it eventually.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by simplotek on Wednesday March 15, 2023 @04:09PM (#35174046)
> If they take a side (...)

No one expects Switzerland to pick a side. They just expect their arms industry to honor their agreements and their government to be fiscally responsible and sell their retired gear back to it's manufacturers.

Switzerland is instead clearly picking Russia's side by doing all at its reach to stop Ukraine from defending itself against Russia's invasion and genocide of the Ukrainian people, and have the audacity of calling that neutrality.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by reissbaker on Wednesday March 15, 2023 @04:56PM (#35174602)
During the Holocaust, the Swiss "neutrality" included wholesale theft of Jewish depositors bank accounts — which they finally admitted to in the 1990s but still refused to pay any of it back to the survivors until an American lawsuit forced them to — so color me unsurprised.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by omgomgomgomg on Wednesday March 15, 2023 @07:55PM (#35176338)
Not just that, they also rejected jews right at their borders beginng for asylum.

And that guy Meili who exposed the scandal was ostracised and forever remained unemployable. He was not a banker either, he was a security guy in a bank.

Lets not forget that the italian fascists and the nazis safely parked their looted money in switzerland.

Switzerland was used as a corridor by Italy and Nazi Germany to transports "goods".

Its a little known fact that the allies bombarded switzerland towards the end of ww2, a bit of a reminder for product weapons to the axis of evil as a neutral state.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by xkcd1963 on Wednesday March 15, 2023 @09:07PM (#35176895)
Schaffhausen was officially a mistake. Also please provide links to your claims
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by xkcd1963 on Thursday March 16, 2023 @12:40AM (#35178194)
I don't care if you downvoted me, provide links you lazy schmuck
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by reissbaker on Wednesday March 22, 2023 @04:55AM (#35258494)
Switzerland rejected over 39,000 refugees, most of them Jews, and asked German authorities to stamp Jewish passports with the letter J in order to identify them to Swiss border agents. In 1942, it explicitly closed its borders to Jews entirely. Here's the AP News on the subject, since you're not aware: https://apnews.com/article/0be18d0f36c04b86d7592bc6b16f7fa6
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Thursday March 16, 2023 @03:39AM (#35179247)
> During the Holocaust, the Swiss "neutrality"

And they saved 25000 domestic and 21000 immigrated Jews. Not much ... but compared to their country size, this was more than Vichy France.

In any case, why is reaching back more than 80 years relevant here? My country (Germany) did *WAY* bigger atrocities back then. From my point of view, the 80-years-ago swiss people were decent, giving the circumstances. We shouldn't forget that Switzerland was surrounded by Nazi countries or lackey countries: Hitler's Austria-Germany, Mussolini's Italy, Vichy France, occupied northern France. They did bad things, certainly. But there was also a lot of pressure involved.

And guess what: Switzerland paid reparations for this, a fact that people trying to bash Swiss behavior back then are unlikely to state.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by exoque on Wednesday March 15, 2023 @06:55PM (#35175833)
>No one expects Switzerland to pick a side. They just expect their arms industry to honor their agreements and their government to be fiscally responsible and sell their retired gear back to it's manufacturers.

Can you provide a link which proves that switzerland has an obligation to sell its under licence in switzerland produced tanks which still are part of its military (reserve) to anyone? Thanks.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by xkcd1963 on Wednesday March 15, 2023 @09:05PM (#35176881)
Supporting Ukraine over Russia is breaking with neutrality
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Thursday March 16, 2023 @03:35AM (#35179228)
> Switzerland is instead clearly picking Russia's side by

... implementing all EU sanction packets against Russia?

... by providing financial and civilian aid to Ukraine, like money for the government, generators, medical aid, winter clothes? The aid of Switzerland isn't that large, truth be told. But, compared by GDP, it's more than Turkey helps.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by oska on Thursday March 16, 2023 @04:58AM (#35179683)
> Please don't use Hacker News for political or ideological battle

https://news.ycombinator.com/newsguidelines.html

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by pjc50 on Wednesday March 15, 2023 @04:01PM (#35173922)
> newfound love for a weirdly biased neutrality

Switzerland has always been aggressively neutral to the extent of annoying the rest of Europe, not just during WW2 but all the way back to the Hundred Years War.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by edgyquant on Wednesday March 15, 2023 @04:33PM (#35174331)
Switzerland didn’t exist during the Hundred Years’ War and they weren’t neutral until fairly recently in comparison
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by gilleain on Wednesday March 15, 2023 @05:04PM (#35174692)
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by xkcd1963 on Wednesday March 15, 2023 @09:13PM (#35176925)
Well still then it took them to consolidate all cantons into what is known as Switzerland today, last joining part being Jura
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by edgyquant on Thursday March 16, 2023 @10:05AM (#35182138)
The old Swiss confederatacy was not a single nation but a trade alliance.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by simplotek on Wednesday March 15, 2023 @04:03PM (#35173970)
> Switzerland has always been aggressively neutral (...)

No, I don't buy it. This time around they went to the extent of refusing to sell ammo for their own weapons arguing they'd be used in a war.

They are outright destroying their arms industry by arguing that they cannot even be used by their owners to defend themselves.

This goes way deeper than this neutrality scapegoate.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Wednesday March 15, 2023 @04:35PM (#35174359)
> No, I don't buy it.

Well, we can read it up. The "hundred years war" date is of course wrong, they have neutrality since 1814/1815. If you cannot read german, use google-translate or DeepL: https://de.wikipedia.org/wiki/Neutralit%C3%A4t_der_Schweiz

> This time around they went to the extent of refusing to sell ammo for their own weapons arguing they'd be used in a war.

Well, even Germany did this before 24st February 2022, and it never was neutral.

In the case of Switzerland, the neutrality is in their constitution. Neither the government nor the parliament can change it. It needs a public vote of the ca. 6 million people large electorate. Germany had it much easier, the "don't export to crisis regions" wasn't in constitution. And, truth be told, it was never followed through 100% (e.g. why would one export military ships to Saudi-Arabia, which is in war with Yemen?).

> They are outright destroying their arms industry

Yes, they do it. For me, this sounds that they like their neutrality more than money --- however, people usually assume more sinister motives. Like that Switzerland is somehow getting black money from russian Oligarchs.

To me, this sounds entirely implausible --- or if it happens, than in a similar scale as in EU countries. First, as said, the neutrality is in the hands of the electorate. Russian Oligarchs cannot smear 6 million people. Second, it is well known that Switzerland implemented all 9 sanction packets of the EU. They even seized russian assets, about 8 billion EUR. That is more than can be said of some EU countries!

So, if they still do business with Oligarchs, then only because these Oligarchs aren't in one of the 9 lists of sanctioned entities the EU created. In that case, we should blame both Switzerland and the EU.

Apropos "swiss liking neutrality": i read that in May 2022 there was a representative poll. It turned out that 85% of the swiss liked the neutrality and don't want it to change.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by wahern on Wednesday March 15, 2023 @05:40PM (#35175111)
Over the past 30 years Switzerland had pulled back from its neutrality stance somewhat, participating in European organizations much more than it historically had over the past 150 years. So if you only understand Swiss neutrality in the context of the recent era, it may seem odd. But from a longer perspective it's more a regression to the mean.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by SilasX on Wednesday March 15, 2023 @04:20PM (#35174192)
You mean the Thirty Years' War (1618-1648)?
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Wednesday March 15, 2023 @04:36PM (#35174367)
No. Swiss neutrality started during/after Vienna Congress, 1814/1815.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by greatpatton on Thursday March 16, 2023 @09:38AM (#35181798)
The Swiss neutrality to not take part in a conflict started during the mid XVI century. It was formalized in 1815 but it was already the normal policy before that.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by holgerschurig on Wednesday March 15, 2023 @04:20PM (#35174182)
Well, if you wonder, I can help you. What you think might be plausible on first sight, but really isn't.

* the neutrality isn't "newfound", they have it since the Vienna Congress 1814/1815

* back then the big powers of Europe feared that Switzerland will join one of their opponents, so it was dictated to Switzerland originally

* but later, when Switzerland saw how the countries surrounding them got demolished again and again in each war, they actually adopted it. It is now in their constitution, article 185.

* Switzerland is a direct democracy. The constitution cannot be changed by the government. And not even by the parliament. Only a public vote of all the electorate can change it.

* the swiss electorate is about 6 million people large

* the swiss banking sector only employs about 89'000 people

So, what can we learn from this? Your postulation is, in all likelihood, wrong. Why would normal people, like Carpenters, Farmers, Teachers, Nurses vote for neutrality to "appease certain Russians" ? They have no benefit from this.

Also, Switzerland isn't the only (current) neutral country in Europe. We have Austria, Ireland and some smaller ones, like Liechtenstein. We used to have also Portugal, Sweden or Belgium there --- is any of these current or previously neutral countries linked with money laundering? I don't think so. Therefore we can even dismiss that somehow money laundering is linked to neutrality.

If anything, then something else in the swiss law system is responsible: their banking secret laws. One can still open an anonymous "number account" at swiss banks. It's not cheap, but that is just one more reason why it attracts tax evaders and criminals.

And finally, that today Switzerland is specially linked to Oligarchs needs a proof. Why? Simply because Switzerland implemented all of the nine sanction packets of the EU. Despite not being in the EU. So Switzerland, like any other EU country, sanctions the Russian state, certain russian companies, certain russian individuals. Including some people one would classify as "Oligarch". All of them? Probably not. But then again ... this would be a problem of the EU, by not adding them to the sanction lists yet.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by selimthegrim on Wednesday March 15, 2023 @04:35PM (#35174358)
Also Finland and Sweden until recently
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by jwhitlark on Wednesday March 15, 2023 @08:45PM (#35176738)
Swiss neutrality goes back much farther that that, IIRC. Early 1500's. Different political organizations back then, of course, but the Swiss have been doing the neutrality thing for half a millennium, and through much worse situations, I don't see why they'd stop now.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by skybrian on Wednesday March 15, 2023 @04:18PM (#35174161)
It seems like a lot of it would be due to adverse selection, and that's not something new. Lots of people don't need Swiss bank accounts. What are the characteristics of people who do?

Being Swiss is a good reason to want a Swiss bank account. Rich foreigners might be a little suspicious?

It's somewhat similar to who really needs cryptocurrency, except you don't get the enthusiasts or small accounts, either.

Maybe look at who unmoderated "free speech" forums become popular with. Or who needs to use Tor.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by lobochrome on Wednesday March 15, 2023 @03:59PM (#35173899)
_newfound_
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by Swenrekcah on Wednesday March 15, 2023 @03:56PM (#35173857)
> destroying their own military gear instead of selling it to Ukraine

What?

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by mocko on Wednesday March 15, 2023 @04:00PM (#35173908)
That sounded so nuts I had to look it up. Turns out they really are! https://www.lemonde.fr/en/international/article/2023/03/13/s...
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by mtlmtlmtlmtl on Wednesday March 15, 2023 @04:17PM (#35174152)
Truly a perplexing country.

It's kind of easy to be neutral when you're landlocked inside NATO, I guess. No reason to even join. Neutrality didn't quite work out that way for Norway in WW2...

Great cheese down there though, gotta give them that.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by TechBro8615 on Wednesday March 15, 2023 @05:21PM (#35174897)
> It's kind of easy to be neutral when you're landlocked inside NATO

I guess you think that NATO is why the Swiss people added a neutrality clause to the constitution of the Swiss Confederation during the Restoration in 1815?

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by mtlmtlmtlmtl on Wednesday March 15, 2023 @06:18PM (#35175497)
Only in the bizarro world where I make laughably false statements so you can point it out to feel clever.

No, the NATO part is only commenting on current events.

The reason they weren't invaded during WW2 was mainly that they had a strong military in a very mountainous country with next to no strategic or material importance to Hitler. Just not worth the trouble. If Hitler saw a strategic reason to invade Switzerland he would have; he had no reservations about ignoring neutrality.

I figured all this was obvious given knowledge about basic history and geography, and that it didn't need to be spelled out that I know NATO didn't exist during or before WW2

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by wkat4242 on Wednesday March 15, 2023 @07:41PM (#35176227)
> The reason they weren't invaded during WW2 was mainly that they had a strong military in a very mountainous country with next to no strategic or material importance to Hitler. Just not worth the trouble. If Hitler saw a strategic reason to invade Switzerland he would have; he had no reservations about ignoring neutrality.

Are you sure? I was told in history class that it was because too many of Hitler's cronies stored massive amounts of money there. Which would obviously have disappeared to the allies before they could capture the whole country.

I've never investigated that in detail though so perhaps this was just wrong.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by mtlmtlmtlmtl on Wednesday March 15, 2023 @08:30PM (#35176615)
I'm not sure but that wouldn't surprise me.

Either way it's still true it was quite easy for the Swiss to remain neutral since they're a pain in the ass to invade, and there was no reason to. I can definitely see them being more useful to him with their neutrality intact, but in some sense that only reinforces my point. If Switzerland had, say a bunch of oil, the equation might have changed.

Norway on the other hand had no realistic hope of remaining neutral once Hitler laid his eyes on our iron ore and massive, honkin' coastal line.

Whereas Sweden managed to maintain their neutrality partially by continuing to sell iron ore to Germany throughout the war as well as allowing them to move troops through them en route to Finland. And Hitler was more interested in the Soviets at that point, so Sweden would have been a distraction.

Finland was also neutral originally and they ended up in all sorts of wars theoughout WW2.

It seems pretty clear that neutrality in WW2 was respected by the large powers only to the extent it was convenient, and ignored otherwise. Most of the countries that remained neutral were city-states and the aforementioned countries + Spain(aligned with the axis powers though still neutral), Portugal(insulated by Spain) and Ireland(insulated by the British).

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by ClumsyPilot on Wednesday March 15, 2023 @05:02PM (#35174672)
Britain was offered tp buy them back, and they didn't want it.

Those systems are 'unsupported', they are like iphone 4 - noone produces spare parts or ammunition any more for them. Theybare basically useless

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by throwaway32627 on Wednesday March 15, 2023 @05:11PM (#35174768)
This story is really stupid journalism, Switzerland is blocking re-export of useful stuff but this one is a non-story. The gear that is being destroyed is old stuff (this model (B) has been decommissioned in GB in the 90ties despite what Le monde days (they did use still model (C) which is a more modern system ) for which there are no spare parts anymore and nobody except the Swiss knows how to operate. GB has the right to get it back if they want, by contract, and neutrality doesn’t block it. They have been informed that Switzerland wants to dispose it long time ago but they didn’t ask for it back. This probably because the gear is useless given how old and broken it is and clearly the Swiss army cannot teach the Ukrainians how use it without breaking international law (specifically the Hague convention). There are probably for GB much more effective ways to help the Ukrainians than sending them garbage.

Source (in French): https://www.rts.ch/info/suisse/13861370-les-systemes-de-defe...

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by favaq on Wednesday March 15, 2023 @04:09PM (#35174041)
The American Hawk looks with disbelief at someone who wants less war, not more.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by Swenrekcah on Wednesday March 15, 2023 @04:16PM (#35174129)
I was merely surprised by this, but the position that one has to want war in order to want to support Ukrainian defence in this unprovoked war of aggression is at best naive.

Also I’m not American, why would you think so?

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by ummonk on Wednesday March 15, 2023 @05:26PM (#35174952)
Damming water to Crimea and shelling civilians in Donbas for 8 years is hardly “unprovoked”. It might not be sufficient justification for such a deadly and destructive invasion but it’s certainly provocation.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by older on Wednesday March 15, 2023 @05:51PM (#35175220)
Russian propaganda bingo in only one comment. Impressive.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by distances on Wednesday March 15, 2023 @06:40PM (#35175703)
So Ukraine should now provide water to lands occupied by their enemy? The Russian narrative gets more ridiculous every day!
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by xkcd1963 on Wednesday March 15, 2023 @09:34PM (#35177069)
He got the part with Donbas right though. The Ukrainian army started shelling their own citizens.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by ummonk on Thursday March 16, 2023 @02:13AM (#35178748)
Cutting off water to your own citizens because they’re under foreign occupation is certainly a provocative move that will put the legitimacy of your government into question, yes.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by simplotek on Wednesday March 15, 2023 @04:14PM (#35174109)
You don't have less war by stopping victims from defending themselves. You just get to improve the odds that the attacker is successful.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by listenallyall on Wednesday March 15, 2023 @05:23PM (#35174920)
You have "less war" when one side dominates and the other surrenders quickly. Two evenly-matched sides can continue fighting for decades.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by yadaeno on Wednesday March 15, 2023 @06:38PM (#35175679)
That worked with Poland in 1939 until Hitler decided to continue and attack the rest of Europe.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by listenallyall on Wednesday March 15, 2023 @08:28PM (#35176597)
Look, I'm not trying to discuss strategy or glory or good vs evil, just the concept of "less war." WWII was 6 years. US involvement in more recent conflicts like Afghanistan, Vietnam, Iraq was a lot longer. Meanwhile various civil and border wars have gone on beyond a decade.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by rfrey on Wednesday March 15, 2023 @07:28PM (#35176112)
And many who are not Americans look with disbelief at those who would deny the right of self defence to a nation, embolden and support an imperialist tyrant, virtually guarantee more wars in the near, and justify it with a cynical call to "peace".
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by omgomgomgomg on Wednesday March 15, 2023 @08:06PM (#35176413)
Well, neutrality goes both ways, does it not?

If the world supports Ukraine, but Switzerland refuses to support them, no matter who the opponent is, then that is neutrality.

Knowing the Swiss system very well, it would surprise me if there have been nefarious intents and ideas behind this.

Do not underestimate their cleverness.

Small country, suddenly rich with no worthwhile exports, all the big corps incorporated there because they feel the rule of law is given and functional and the money safe and the institutions work.

Small country, if you go from the centre of zurich, you will see one corporation after the other for a 30 mile radius, shoulder to shoulder. Its a remarkable amount of the liveable territory.

Really, do not underestimate their greed and cleverness.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by unmole on Thursday March 16, 2023 @12:27AM (#35178134)
> with no worthwhile exports

The confidence with which people spout easily disproven nonsense is incredible: https://oec.world/en/profile/country/che

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by ur-whale on Thursday March 16, 2023 @03:39AM (#35179249)
Agree with you on neutrality, stability, solid rule of low, low to nonexistent corruption and working institutions being a magnet to attract foreign investment.

Also agree with the Swiss being very clever, motivation being making money.

Completely disagree with you on no worthwhile exports.

As a matter of fact, Switzerland is one of very few European country that has managed to not only preserve but even grow their native manufacturing in the last 20 years instead of moving everything to China.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by omgomgomgomg on Saturday March 18, 2023 @02:39PM (#35211864)
You are slightly misinformed, if I may point that out.

They moves to eastern europe whatever they could. This started over 20 years ago.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by bakuninsbart on Thursday March 16, 2023 @09:46AM (#35181893)
> If the world supports Ukraine, but Switzerland refuses to support them, no matter who the opponent is, then that is neutrality.

"The world" is a hard over-statement. Europe excluding Belarus and Russia itself, but including Switzerland introduced real sanctions Russia, as well as the US, Canada, Australia, NZ, Japan and ROC, while BRICS, close to half the global population, can be considered actively cooperating with Russia.

> Small country, suddenly rich with no worthwhile exports, all the big corps incorporated there because they feel the rule of law is given and functional and the money safe and the institutions work.

Swiss manufacturing is very highly regarded globally, and some of the largest chemical, pharmaceutical and food/drink companies in the world are Swiss. "Greed and cleverness" is a weird way to phrase "hard work and intelligence".

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by omgomgomgomg on Saturday March 18, 2023 @02:34PM (#35211807)
These companies are about as swiss as an albanian goat herder is chinese.

They are incorporated there because of tax rates and such.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by duxup on Wednesday March 15, 2023 @05:25PM (#35174946)
“Neutrality” sounds simple, but I think it turns out to be nearly impossible.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by 99_00 on Wednesday March 15, 2023 @06:40PM (#35175697)
The country is 1/3 German, 1/3 french, 1/3 Italian.

Given European history their options are neutrality or extream internal strife.

You are overusing your Ukraine conflict lens when viewing the world.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by xkcd1963 on Wednesday March 15, 2023 @09:38PM (#35177097)
more like 3/6 German, 2/6 French and 1/6 Italian
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by OnuRC on Thursday March 16, 2023 @01:56PM (#35185612)
No, more like 75% Swiss and %25 foreign https://en.wikipedia.org/wiki/Demographics_of_Switzerland

One of the highest in EEA.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by xkcd1963 on Thursday March 16, 2023 @09:42PM (#35191749)
There are very very few Swiss people that don't have some sort of former foreigners in their family in Switzerland
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by xwolfi on Wednesday March 15, 2023 @07:03PM (#35175896)
No it's a deep sense of betrayal from last time they picked a side.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by JumpCrisscross on Wednesday March 15, 2023 @07:09PM (#35175933)
Anyone trying to spin a geopolitical explanation for Credit Suisse’s malaise is lost. Switzerland has many banks. They’re doing fine. Credit Suisse is not because it’s the poster child of bank mismanagement.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by omgomgomgomg on Wednesday March 15, 2023 @07:38PM (#35176206)
The neutrality always was based on cowardice amd completelly fake.

They probably did not give away their military gear because the price or conditions they have envisioned were not right.

Make no mistake, Switzerland is right up there in the top 5 as far corrupt government and institutions go, they just have the better suits, camouflage and clandestinity.

Sure, life is good in Switzerland for most, the system is one of the best as far median income and level of wealth goes, but that did not fall from the sky.

This country had to ration food until not too recently, and before that, Russia had to save them from Napoleon.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by lkrubner on Wednesday March 15, 2023 @07:44PM (#35176251)
They have a system of referendums that should remind everyone of why Plato and Aristotle of the dangers of the tyranny of the majority. An especially awful example has been Switzerland's treatment of women. In 1958 the men voted on the idea of giving women the vote, and they voted against it. Another referendum was held in 1971, at which point women finally got the vote. Of the Western nations that were nominally democratic, Switzerland was the last to give women the vote.

https://en.wikipedia.org/wiki/Women%27s_suffrage_in_Switzerl...

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by HWR_14 on Wednesday March 15, 2023 @07:54PM (#35176326)
As of 1971 women could vote in federal elections. They could also vote in about half the cantons' elections (the Swiss version of states).

About half because 1971 started with 36% of cantons, it rose to 52% of with the same election that made women able to vote nationwide, it was 60% of cantons when the first vote with women was held. It wasn't until 1990 that women could vote in every canton.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by omgomgomgomg on Wednesday March 15, 2023 @08:53PM (#35176792)
Sorry to be that guy, but cantons and states are very different.

Cantons have vastly more autonomy than any us state, on any matter. The US system does not even come close. I am not sure which one has more pros/cons, though.

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by HWR_14 on Thursday March 16, 2023 @12:27PM (#35184211)
How are the cantons that much different from the states? Legally, the Swiss federal government has authority over the armed forces, currency, the postal service, telecommunications, immigration into and emigration from the country, granting asylum, conducting foreign relations with sovereign states, civil and criminal law, weights and measures, and customs duties. In 1990, when the last cantons approved women to vote, it was because of the federal government enforcing it on them over their objections.

That reads pretty much verbatim like the enumerated powers in the US Constitution. And the idea of the federal government forcing states/cantons to abide by "letting people vote" is a common thread as well.

The major difference I see is that cantons (unlike states) can enter into agreements with each other or foreign countries without federal approval.

But I never lived in Switzerland! I'm probably missing something?

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by omgomgomgomg on Wednesday March 15, 2023 @07:57PM (#35176352)
It a grotesque way, the mob rule issue can be defended these days by the argument that the opposing parties will always water down referendum decisions. It is ironic, but good.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by lkrubner on Thursday March 16, 2023 @07:09AM (#35180458)
Why was this downvoted? Everything I wrote is factually accurate, and I linked to my source.
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by modriano on Wednesday March 15, 2023 @08:45PM (#35176741)
Switzerland's doctrine of neutrality is not newfound, rather it's a strategy they've built into their geography over centuries. They're nestled between mountains, so it would be pretty difficult for any other nation to attack them, but up until 1945, Europe was home to very frequent wars of conquest, which were devastating to property and people. Switzerland's strategy was to lean into their natural defenses by building hundreds of thousands of bunkers [0] in the mountains and signalling "Hey, we aren't looking to attack you, but if you invade, watch out for our extremely well fortified defenses. By the way, would you care to keep your valuables in our vaults? Lots of pillagers out there in the rest of Europe."

(but seriously, skim through the video. Switzerland's defenses are wild and beautiful.)

[0] https://www.youtube.com/watch?v=9bPIaHg11mI

Re:Credit Suisse sheds nearly 25%, key backer says no more m... by more_corn on Wednesday March 15, 2023 @10:57PM (#35177602)
Newfound love for neutrality? The Swiss? You’re joking right?
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by csomar on Wednesday March 15, 2023 @11:41PM (#35177881)
No. They helped African militaries too. They would have helped American criminals and oligarchs but the US forced them not to (FATCA).
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by abc03 on Thursday March 16, 2023 @06:23AM (#35180133)
Eschew flamebait. Avoid generic tangents. Omit internet tropes. Please don't post shallow dismissals Please don't use Hacker News for political or ideological battle. That tramples curiosity. and more
Re:Credit Suisse sheds nearly 25%, key backer says no more m... by TheOtherHobbes on Thursday March 16, 2023 @10:05AM (#35182145)
Their President literally said "Swiss weapons must not be used in wars."

Certainly a novel take for an arms dealing country.