Friday, February 10, 2012

What's up With Swiss Banknotes?

From Bruce Krasting:
On Banknotes 

There is a curious story in the Swiss press today. On the surface it appears innocuous.

Paper money has been in transition for the last ten years. Most of the big issuers of paper have updated their bills to minimize forgery. The US has spent a bundle on this effort, and it too has had problems and delays with issuing the new, more complicated money. So my first thought about the Swiss delay was that this is more of the same. Technical printing problems are to blame.

My second thought is that this is not a benign delay; something more than meets the eye is happening. There have been press reports in Switzerland that commercial banks are no longer able to meet client demand for safe deposit boxes. All of the boxes are apparently taken. As a result, people are renting safe deposit boxes in hotels. (Link)

From Le Temps 2/6/2012:
A distinguished lady had hidden 65,000 euros in the heels of her shoes and her bra....