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01 April 2013
CYPRUS & KOREA???

Well, what next? If its not politicians stealing peoples savings in Cyprus, it is a Dictator in North Korea threatening bad things. The Cyprus situation is worth a ponder as a precedent has been set, and now everyones savings no matter where you live, will be under threat. Governments know the value of the savings that are being held in Banks, and because of what has happened in Cyprus, any time a Country has cash crisis the door has already been opened. Some of you who have taken profits after the recent good run will be sitting on sizeable cash awaiting the next opportunities. But how safe is that cash? It might be an idea to think about moving your savings to a safer haven (say Switzerland), not because you are trying to avoid anything, but just to keep it in a safe place. This is predicated on the belief that the Swiss Government never has a cash crisis and therefore the Banks in that country would be "safe". It goes without saying that you would declare this account and any income from it to the regulatory authorities in your country.

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