The strapline for the Anglo ad is:
Safeguard the future for everything you hold dear.I-kid-you-not.
So let me see, rather than move your shrinking savings to a bank account in Switzerland (budget deficit just 1pc of GDP; gross public debt at 40pc; a current account surplus of 9pc; unemployment at 3.9pc; and its 8 million citizens own half a trillion dollars of external assets)... you should move them to Anglo Irish Bank instead. To safeguard the future of everything you hold dear.
Now that's what I call powerful advertising.
What is Switzerland doing right that we're doing wrong? Methinks if we could answer that we'd be laughing all the way to the (Swiss) bank.
ReplyDeleteOnly a madman leaves his precious loot in Anglo.
ReplyDeleteWhen the penny (for want of a better word) eventually drops that the Irish Govt is too broke itself to actually honour any so-called guarantee to Anglo's depositors, the depositors will rush to withdraw their money. This will create a run on Anglo, and the infection will quickly spread to BofI and AIB. Only the very early movers will get paid; the rest will lose everything.
So my advice is to get out of all Irish banking now, as I've argued argued separately.
There are certainly worse safe-havens than Switzerland.