The Swiss And Disaster

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When the Swiss are worried, you really need to watch it.
No lesser financial news giant than Forbes reports (via Thomson Financial News) that former Credit Suisse CEO Oswald Gruebel (a likelier name for the antagonist in a spy novel with a plotline involving stolen gold you have probably never encountered) quipped "We've narrowly escaped a system collapse. This has never happened before." One is tempted immediately to think of World War II, the Great Depression, the Cuban Missile crisis, but this ignores the "system collapsiness" of these events from the Swiss View. To the Swiss these are but small tremors. Trifles.
So the next time someone tells you the sub-prime mess is overblown, or that Bear Stearns should have been allowed to fail, just point them to Oswald Gruebel, and remind them that the primary Swiss concern with World War II was that it increased shipping costs.
International Financial System Was Close To The Brink [Forbes]

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