Breaking Swiss bank secrecy and The Opening of Pandora's Box
When Mephisto declared in Faust I: "...ich bin ein Teil der Kraft, die stets das Böse will und stets das Gute schafft..." his statement demonstrated a contrario the vanity of the human effort to do good and to be good when it comes to guaranteed success. Barak Obama's government and the present US administration are trying to do good and to be good. What they need in the first place, is cash. Where can you find cash if not on Swiss Bank accounts? Breaking the Swiss banking secrecy may be hailed from many honest people around the world, but the side effects of this effort are largely unknown. If 52,000 U.S. citizens are indicted and ultimately condemned for tax fraud, the damage on entrepreneurship in the US and elsewhere will exceed the effect of the subprime crisis, hundreds of thousands of small and medium businesses will go bust within the next weeks and months, and the process might spark revolutionary upheaval throughout the industrialized world.
The grounding of Switzerland's Banking business and of the country's overall credibility might eventually be considered a footnote in an ensuing scenario that could best be compared to the French Revolution. The "Ancien Régime" in France crumbled after the costly military support of the French to the American Independence movement.
America's strength as the leading industrial nation has been lost as a consequence of costly military interventions and financial mismanagement. Barak Obama was elected President by those who suffered most of the errors of the Bush adminstration and it might become very difficult for President Obama to calm the spirits that supported him. To direct the fury of the "middle American" towards an external enemy will the most probably be chosen as the best tactic, and Switzerland - adorned with a new label as "financial rogue state" might provide the ideal target for diversive action. However, as stated before, a frontal attack against the "Smaller Sister Republic" by the US might prove as risky as stepping into a mine field of unknown dimensions. If the UBS goes bust thanks to the attacks from the US judiciary, and if the Swiss taxpayers have ultimately have to pay the bill, the witch hunt might continue within Switzerland, leading to a final implosion of Pandora's Box.