一口气了解瑞士经济

00:35:20
https://www.youtube.com/watch?v=-HOzOBmQ5ro

Sintesi

TLDRThe video delves into the peculiarities of Switzerland's economy, which boasts a high per capita GDP of $106,000 in 2024, making it one of the wealthiest nations globally. Despite its high living costs and limited natural resources, Switzerland's neutrality, robust banking sector, and strong pharmaceutical and manufacturing industries contribute to its economic success. The video discusses Switzerland's historical neutrality, the significance of its banking secrecy, and the challenges it faces in a changing global landscape, including the decline of banking secrecy and sluggish demand in Europe. It also highlights the importance of the Geneva Free Port and the unique Swiss education system in fostering skilled labor for its industries.

Punti di forza

  • 💰 Switzerland's per capita GDP is $106,000 in 2024.
  • 🕊️ Switzerland has maintained neutrality for over 200 years.
  • 🏥 The pharmaceutical industry is a major economic driver.
  • 🏦 Swiss banks are known for their secrecy and low taxes.
  • 📉 The Swiss economy faces challenges from declining banking secrecy.
  • 🏞️ The Geneva Free Port allows anonymous storage of valuable items.
  • 👩‍🎓 Switzerland's education system emphasizes apprenticeships.
  • 💵 The strong Swiss franc can impact exports negatively.
  • 🌍 Switzerland's neutrality attracts international organizations.
  • 📉 The banking industry is under increased scrutiny and pressure.

Linea temporale

  • 00:00:00 - 00:05:00

    Switzerland boasts a unique economy with a high per capita GDP of $106,000, second only to Luxembourg. Despite high labor costs and scarce natural resources, it outperforms neighboring countries like France and Germany, raising questions about its economic model and neutrality.

  • 00:05:00 - 00:10:00

    Switzerland's neutrality has been a cornerstone of its identity, allowing it to avoid joining the EU, NATO, or even the UN until 2002. This neutrality has been tested during international conflicts, yet Switzerland has maintained a stable position, often acting as a neutral ground for financial transactions.

  • 00:10:00 - 00:15:00

    During World War II, Switzerland's geographical advantages and military strategies, including the National Fortress Project, helped it remain neutral. The country fortified its defenses and prepared to destroy its own infrastructure to deter invasion, showcasing a unique approach to national security.

  • 00:15:00 - 00:20:00

    Switzerland's economic strategy during the war involved being both ruthless and tactful. It became a hub for financial transactions, allowing countries to store wealth, including gold, in Swiss banks, which later faced scrutiny for their role in wartime finance.

  • 00:20:00 - 00:25:00

    The Swiss banking industry thrived on secrecy, attracting global wealth due to its strict confidentiality laws. However, scandals and international pressure have led to a decline in this secrecy, impacting the banking sector's reputation and operations.

  • 00:25:00 - 00:30:00

    Despite challenges, Switzerland's economy has diversified beyond banking, with significant contributions from the pharmaceutical and manufacturing sectors. Companies like Roche and Novartis lead in pharmaceuticals, while precision manufacturing remains a stronghold for Swiss exports.

  • 00:30:00 - 00:35:20

    Switzerland's decentralized political system fosters a sense of ownership among citizens, influencing their decisions on economic policies. This unique governance model, combined with a strong education system, has contributed to the country's high per capita GDP and resilience in the face of economic challenges.

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Mappa mentale

Video Domande e Risposte

  • What is Switzerland's per capita GDP in 2024?

    Switzerland's per capita GDP reached an astonishing US$106,000 in 2024.

  • Why is Switzerland considered a neutral country?

    Switzerland has maintained its neutrality for over 200 years, not joining the EU, Eurozone, or NATO.

  • What are the main industries driving Switzerland's economy?

    The pharmaceutical, chemical, and precision manufacturing industries are the main drivers of Switzerland's economy.

  • How does Switzerland's banking system attract wealthy clients?

    Switzerland's banking system is known for its secrecy and low tax rates, making it attractive for wealthy individuals.

  • What challenges does the Swiss economy face?

    The Swiss economy faces challenges such as the decline of banking secrecy, sluggish demand in Europe, and potential impacts from deglobalization.

  • What is the significance of the Geneva Free Port?

    The Geneva Free Port is a tax-free zone that allows for the anonymous storage of valuable items, attracting collectors and investors.

  • How does Switzerland's education system contribute to its economy?

    Switzerland's dual-track education system emphasizes apprenticeships, providing skilled labor for its industries.

  • What is the impact of the Swiss franc's strength on exports?

    The strong demand for the Swiss franc can negatively impact Swiss exports by making them more expensive.

  • What role does neutrality play in Switzerland's economy?

    Switzerland's neutrality has allowed it to become a hub for international organizations and a safe haven for wealth.

  • How has the Swiss banking industry changed in recent years?

    The Swiss banking industry has faced challenges due to the decline of confidentiality agreements and increased scrutiny from international authorities.

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Sottotitoli
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Scorrimento automatico:
  • 00:00:00
    Hi~
  • 00:00:00
    Let me tell you that
  • 00:00:01
    Switzerland is a very, very peculiar economy.
  • 00:00:04
    It is very rich
  • 00:00:05
    or very profitable.
  • 00:00:07
    In 2024
  • 00:00:08
    its per capita GDP reached an astonishing US$106,000,
  • 00:00:11
    ranking second in the world
  • 00:00:12
    Luxembourg is No.1
  • 00:00:13
    With population of just over 600,000
  • 00:00:14
    .Switzerland can basically be said
  • 00:00:15
    to be the most profitable country per capita in the world
  • 00:00:18
    The amazing part is that
  • 00:00:19
    you see,
  • 00:00:20
    France and Germany are right next to it
  • 00:00:22
    and are completely free trade
  • 00:00:23
    but their GDP per capita is only about half of Switzerland.
  • 00:00:24
    Italy is even worse.
  • 00:00:26
    Don’t you think it's strange?
  • 00:00:27
    With such high labour costs
  • 00:00:29
    high cost of living
  • 00:00:30
    with extremely scarce natural resources
  • 00:00:32
    and it can still leave behind all the countries in the world
  • 00:00:33
    and maintain such a high per capita GDP?
  • 00:00:35
    Why did they choose
  • 00:00:36
    to being neutral?
  • 00:00:37
    Why can they maintain neutrality for more than 200 years?
  • 00:00:39
    Why are their watches so good
  • 00:00:41
    and can be sold at expensive price/.
  • 00:00:41
    How come their banks are so safe?
  • 00:00:43
    Isn't it strange?
  • 00:00:46
    Today, we'll have a look at
  • 00:00:47
    the peculiar Swiss economy.
  • 00:00:55
    I also created something amidst the scenery of lakes and mountains.
  • 00:00:58
    Because I didn’t bring any paper today
  • 00:00:59
    so I just write on a
  • 00:01:00
    paper bag
  • 00:01:01
    continue creating.
  • 00:01:02
    Let’s first talk about Switzerland’s biggest label
  • 00:01:04
    its neutrality.
  • 00:01:05
    Of course, Switzerland’s so-called neutrality
  • 00:01:07
    will also have many positions
  • 00:01:08
    and will be affected by various international political games
  • 00:01:10
    . For example, during the Russo-Ukrainian War two years ago, Switzerland
  • 00:01:12
    froze more than 15 billion U.S. dollars in Russian-related assets
  • 00:01:13
    due to pressure from the United States and the European Union.
  • 00:01:16
    He has done similar things
  • 00:01:17
    , but at least it is relatively stable. Especially
  • 00:01:19
    in the core position of Europe
  • 00:01:20
    , it is quite incredible
  • 00:01:22
    that he can be so neutral. Look
  • 00:01:24
    at his neutrality.
  • 00:01:24
    You see, he does not join the European Union
  • 00:01:26
    , the Eurozone
  • 00:01:27
    , or NATO.
  • 00:01:28
    Even the United Nations only reluctantly joined the United Nations in 2002.
  • 00:01:30
    The flag of other countries is rectangular.
  • 00:01:32
    He has to give you a square.
  • 00:01:34
    In this way, which direction do you look at it from
  • 00:01:35
    ? It can look
  • 00:01:37
    the same from both sides, doesn't it show that it is very impartial,
  • 00:01:39
    independent and unbiased, right?
  • 00:01:41
    Sometimes
  • 00:01:42
    it even makes people feel a little unique.
  • 00:01:44
    For example, if the banknotes
  • 00:01:45
    are printed with
  • 00:01:46
    Swiss francs horizontally, they will have to look at you vertically
  • 00:01:47
    to see
  • 00:01:48
    if they are tickets to the opera house.
  • 00:01:49
    Hey, turn them over
  • 00:01:50
    and it is money. And let me tell you,
  • 00:01:52
    this is not an ordinary Swiss franc
  • 00:01:53
    . It was Xiao Lin who showed you the Swiss franc (feet) on the top of the snow mountain
  • 00:01:57
    that got stuck.
  • 00:01:59
    In fact, there are many countries that claim to be neutral,
  • 00:02:01
    such as Ireland, Mexico, Austria
  • 00:02:03
    , Ghana, Vatican, Panama, etc.
  • 00:02:04
    But to be honest,
  • 00:02:05
    many countries give people the impression
  • 00:02:06
    that they just say
  • 00:02:08
    what you think, especially in peacetime,
  • 00:02:10
    it is actually not difficult
  • 00:02:11
    to claim neutrality
  • 00:02:12
    . I just said,
  • 00:02:12
    our country must be good. To develop the economy,
  • 00:02:14
    don't take me with you when fighting.
  • 00:02:15
    We want peace
  • 00:02:16
    , right? This is reasonable.
  • 00:02:17
    But once the war is affected
  • 00:02:19
    and even reaches your doorstep,
  • 00:02:20
    it is actually very difficult
  • 00:02:21
    for you to remain neutral.
  • 00:02:23
    For example, Norway and the Netherlands are
  • 00:02:25
    actually similar to Switzerland. They
  • 00:02:26
    have declared that they will be permanently neutral since the 19th century.
  • 00:02:28
    However, when World War II started,
  • 00:02:29
    they failed to control it and were involved.
  • 00:02:30
    Like Sweden, it even carried it. After World War I and World War II,
  • 00:02:33
    we survived the Cold War
  • 00:02:34
    and remained neutral without participating in
  • 00:02:35
    the war. But when the Russo-Ukrainian War broke out in 2022
  • 00:02:37
    , I was so nervous that
  • 00:02:38
    I couldn't sit still.
  • 00:02:39
    Joining NATO
  • 00:02:39
    is equivalent to giving up one's identity
  • 00:02:41
    as a neutral country. So you see,
  • 00:02:42
    it is actually very difficult to maintain
  • 00:02:44
    neutrality after
  • 00:02:45
    hundreds of years of war.
  • 00:02:47
    And Switzerland
  • 00:02:47
    has gone from 1 After establishing its status as a neutral country in 815,
  • 00:02:50
    it has never participated in any foreign war.
  • 00:02:52
    If you want to know how he did it,
  • 00:02:53
    let's talk about World War II.
  • 00:02:54
    You see, during World War II,
  • 00:02:55
    Switzerland was a place in the center of the whirlpool. It was
  • 00:02:57
    bordered by Germany in the north,
  • 00:02:59
    Italy in the south,
  • 00:02:59
    France in the west,
  • 00:03:00
    Austria in the east,
  • 00:03:01
    and in the middle was the Devil's Zone.
  • 00:03:02
    People were beaten crazy and blown up
  • 00:03:04
    at the doorstep.
  • 00:03:04
    It was like there was a It's like a diamond shield.
  • 00:03:10
    Behind this, there must be a very reasonable strategy
  • 00:03:12
    and at the same time, he has to pay a huge price.
  • 00:03:14
    I conclude that he was able to remain neutral during World War II
  • 00:03:16
    through two main strategies.
  • 00:03:18
    First, you have to be ruthless enough.
  • 00:03:20
    Second, you have to be smooth enough.
  • 00:03:21
    This ruthlessness actually does not mean being ruthless to others
  • 00:03:23
    , but being ruthless to yourself.
  • 00:03:25
    The core idea is that I tied explosives to myself.
  • 00:03:27
    Hey, don't come over.
  • 00:03:28
    You have to do it again. If you dare to come close,
  • 00:03:29
    I will die with you.
  • 00:03:32
    In fact, the terrain of Switzerland
  • 00:03:33
    is a bit like a sandwich.
  • 00:03:35
    The south and east are the rolling
  • 00:03:37
    Alps. The west is bordered by France, mainly the Jura Mountains
  • 00:03:39
    . The north is bordered by Germany. The Rhine River and Lake Constance
  • 00:03:42
    are sandwiched between the Swiss plateau
  • 00:03:43
    and where most people live.
  • 00:03:45
    So you can see that the entire country
  • 00:03:46
    is surrounded by either mountains or mountains. The water
  • 00:03:47
    is connected to the outside
  • 00:03:48
    by a very small number of tunnels, bridges, and mountain roads.
  • 00:03:51
    This geographical environment
  • 00:03:52
    can be said to be a traffic hell
  • 00:03:54
    from the perspective of economic activities or foreign exchanges.
  • 00:03:56
    But from a military perspective,
  • 00:03:57
    it is an excellent natural environment. It is dangerous
  • 00:03:59
    , easy to defend, and difficult to attack
  • 00:04:00
    . This gave the Swiss a lot of confidence.
  • 00:04:03
    When World War II broke out,
  • 00:04:04
    they were actually very nervous
  • 00:04:05
    at all. Wanting to join the war
  • 00:04:06
    , they secretly
  • 00:04:07
    implemented a plan called
  • 00:04:08
    the "National Fortress Project." They
  • 00:04:12
    built a series of fortifications
  • 00:04:13
    around the Alps. A
  • 00:04:15
    large number of anti-tank cannons and machine guns
  • 00:04:17
    were hidden in the mountains
  • 00:04:18
    or disguised as barns.
  • 00:04:19
    To this day,
  • 00:04:20
    many of the cannons are actually still there.
  • 00:04:22
    Look at the many ordinary small houses.
  • 00:04:23
    When you open the door,
  • 00:04:24
    there is a cannon inside .
  • 00:04:27
    And these cannons are
  • 00:04:27
    right The precise ones are some key highway
  • 00:04:29
    bridges or tunnels.
  • 00:04:30
    In fact, it
  • 00:04:31
    is difficult to say that they destroyed all the German tanks at that time.
  • 00:04:34
    One of their main functions
  • 00:04:35
    was to prepare to destroy their own roads
  • 00:04:36
    or to aim at the mountains and
  • 00:04:37
    be ready to create mudslides at any time.
  • 00:04:39
    Hundreds of large and small fortresses around
  • 00:04:40
    the entire country
  • 00:04:42
    had tons of explosives buried
  • 00:04:43
    at any time, ready to directly cut off contact with the outside world
  • 00:04:45
    . It was not until 2015 that the clearance of explosives was basically completed.
  • 00:04:50
    A large number of holes were dug in the mountains
  • 00:04:52
    to make bunkers and air-raid shelters.
  • 00:04:53
    According to incomplete
  • 00:04:54
    statistics , tens of thousands of large bunkers were dug,
  • 00:04:56
    and enough necessary communication equipment and explosives
  • 00:04:58
    were prepared.
  • 00:04:59
    Do you see it?
  • 00:05:00
    This is actually his hedgehog strategy.
  • 00:05:02
    He wants to give other countries
  • 00:05:03
    a very clear signal
  • 00:05:04
    . It is hard to say how good my attack power is.
  • 00:05:05
    But I will never mess
  • 00:05:07
    with you. If you want to force me to do it,
  • 00:05:08
    then I will have to fight to the death.
  • 00:05:10
    At least I will get some blood on your hands.
  • 00:05:12
    This bridge
  • 00:05:13
    is connected to Switzerland and Germany. It was
  • 00:05:15
    renovated and completed in 2006.
  • 00:05:16
    The Swiss actually hid TNT on this bridge pier.
  • 00:05:19
    You tell me, they are also cautious enough.
  • 00:05:20
    It has been more than 60 years since World War II and
  • 00:05:22
    the Soviet Union has been disintegrated for more than 10 years
  • 00:05:23
    . He still has so many explosives
  • 00:05:24
    and will hide them for you from time to time.
  • 00:05:26
    What we just said is that he is ruthless to himself
  • 00:05:28
    , but this ruthlessness alone is not enough to stop the Germans.
  • 00:05:31
    In fact, Hitler had already made a very detailed
  • 00:05:33
    battle plan to capture Switzerland.
  • 00:05:34
    So, Switzerland, he also has a second trick
  • 00:05:36
    , which is to be tactful
  • 00:05:39
    . As a hedgehog,
  • 00:05:41
    I will also cooperate with everyone
  • 00:05:42
    . I want to be a valuable hedgehog
  • 00:05:44
    , so you see the Swiss bank
  • 00:05:46
    as a neutral bank . It doesn’t matter
  • 00:05:47
    whether you are British, French, American, German
  • 00:05:49
    or Italian.
  • 00:05:50
    I don’t care whether your money was earned,
  • 00:05:52
    stolen or robbed.
  • 00:05:53
    I am willing to do business with you
  • 00:05:54
    . If you let me have your money, you can rest assured
  • 00:05:57
    because you have the status of a neutral country.
  • 00:05:58
    The Swiss franc was
  • 00:06:00
    during World War II . It was the only
  • 00:06:02
    currency in the world that could be freely circulated and convertible.
  • 00:06:03
    So at that time, both Germany, Britain and France
  • 00:06:05
    had a large amount of gold bars stored in Swiss banks
  • 00:06:07
    in exchange for Swiss
  • 00:06:08
    francs. The Swiss banks could
  • 00:06:09
    exchange them for a lot of gold plundered during the war
  • 00:06:10
    at a price lower than the market price.
  • 00:06:13
    In 1998,
  • 00:06:14
    the Swiss National Bank admitted that Switzerland had stolen money
  • 00:06:15
    from the Nazis
  • 00:06:16
    during World War II.
  • 00:06:17
    He obtained gold worth 440 million US dollars at the time. The
  • 00:06:20
    financial help provided by Switzerland
  • 00:06:21
    was also a very critical part of supporting the German economy at that time.
  • 00:06:24
    When these things came out, they
  • 00:06:25
    greatly damaged the international image of Switzerland
  • 00:06:27
    and led to a major change in Switzerland.
  • 00:06:29
    We will talk about it later.
  • 00:06:30
    Of course, from the perspective of Switzerland,
  • 00:06:31
    he will defend himself and say that
  • 00:06:32
    I am just protecting myself.
  • 00:06:33
    We just do business with everyone without distinction.
  • 00:06:35
    We won't make moral judgments about this.
  • 00:06:37
    In short, Switzerland
  • 00:06:39
    successfully escaped the devastation of World War II
  • 00:06:40
    by being cruel to itself and smooth to others.
  • 00:06:42
    It even made a small fortune because of the war. Why do
  • 00:06:46
    you think the Swiss
  • 00:06:47
    are so obsessed with neutrality
  • 00:06:49
    ? Is he a coward
  • 00:06:50
    ? Actually,
  • 00:06:50
    I'm not telling you that
  • 00:06:51
    the Swiss are. How
  • 00:06:53
    far can you fight?
  • 00:06:54
    In fact, for a long time in history,
  • 00:06:55
    the Swiss were famous for being mercenaries.
  • 00:06:59
    Starting from the 13th century,
  • 00:07:00
    after experiencing large and small wars,
  • 00:07:02
    people from European countries discovered that
  • 00:07:03
    the Swiss were really capable
  • 00:07:05
    of fighting and had strong
  • 00:07:06
    discipline. Fortunately
  • 00:07:07
    , in addition, Switzerland itself was not economically developed and
  • 00:07:09
    had no money,
  • 00:07:09
    so they often went there. They work as
  • 00:07:10
    mercenaries for other countries nearby
  • 00:07:12
    . Their spearmen are particularly powerful.
  • 00:07:14
    They formed that phalanx
  • 00:07:14
    and
  • 00:07:15
    ran rampant on the battlefield
  • 00:07:17
    like a hedgehog. They were invincible.
  • 00:07:17
    In the 15th century,
  • 00:07:18
    they almost monopolized the spearman market in Europe.
  • 00:07:21
    After that, they began to be imitated by other countries.
  • 00:07:23
    Until now,
  • 00:07:24
    do you know what the name of the escort team that protects the Pope
  • 00:07:26
    is called Swiss. Guard
  • 00:07:27
    Swiss Guard
  • 00:07:30
    Beginning in the 17th century,
  • 00:07:31
    Switzerland also experienced several disastrous defeats in wars
  • 00:07:33
    and was a bit tired.
  • 00:07:34
    At the same time, you have been a mercenary for hundreds of years
  • 00:07:36
    and you have some primitive accumulation
  • 00:07:38
    . Even his banking industry
  • 00:07:39
    has developed and grown
  • 00:07:41
    to manage the money earned by mercenaries.
  • 00:07:42
    When the economy has a bottom,
  • 00:07:43
    he announced that he would be neutral.
  • 00:07:44
    But even if he said that he was neutral,
  • 00:07:46
    he also added a line, hey,
  • 00:07:47
    I still Friends from the
  • 00:07:48
    Kazakhstan side who can be mercenaries, don’t worry.
  • 00:07:50
    After
  • 00:07:51
    a brief period of invasion,
  • 00:07:53
    at the Vienna Conference in 1815,
  • 00:07:55
    European countries formally established
  • 00:07:56
    Switzerland as a permanent neutral country.
  • 00:07:58
    This also attracted more than 50 international organizations such as the World Trade Organization, the World Health Organization
  • 00:08:01
    , the Bank for International Settlements, the Red Cross
  • 00:08:02
    , FIFA, etc.,
  • 00:08:05
    to set up their headquarters in Switzerland.
  • 00:08:06
    Because of Switzerland’s status as a neutral country,
  • 00:08:07
    Switzerland One of the industries that have benefited the most from Switzerland
  • 00:08:09
    is its banking industry, and it is also one of Switzerland's trump cards in the world
  • 00:08:11
    .
  • 00:08:13
    To be a little more specific
  • 00:08:13
    , wealth management in banks,
  • 00:08:16
    wealth management, to put it bluntly, is to manage money for the rich and
  • 00:08:19
    for high-net-worth people.
  • 00:08:20
    Probably since World War II,
  • 00:08:21
    Switzerland has been the world's largest offshore financial center,
  • 00:08:24
    and 1/4 of the world's cross-border assets
  • 00:08:26
    are stored in Swiss banks.
  • 00:08:27
    According to UBS statistics,
  • 00:08:28
    the world's Bi llionaires
  • 00:08:30
    are wealthy individuals with assets exceeding US$1 billion.
  • 00:08:31
    Among them, 46%
  • 00:08:33
    , or nearly half, are their clients.
  • 00:08:35
    So why do you think the Swiss banking industry
  • 00:08:37
    is so attractive to the world's richest people?
  • 00:08:39
    His trump
  • 00:08:40
    card was secrecy
  • 00:08:42
    .
  • 00:08:46
    As early as 1934, Switzerland
  • 00:08:48
    implemented a
  • 00:08:48
    landmark federal law
  • 00:08:50
    , the Federal Bank. The abbreviation of the "Swiss Bank Law"
  • 00:08:52
    is the "Swiss Bank Law".
  • 00:08:53
    The most famous one in this bill is Article 47,
  • 00:08:56
    which probably means that
  • 00:08:57
    banks cannot disclose customer information to anyone,
  • 00:08:59
    including the Swiss authorities
  • 00:09:01
    , including any other country.
  • 00:09:02
    This is written into the federal law,
  • 00:09:04
    so right? You put the money here
  • 00:09:05
    and I will take care of the money. Don't worry about it.
  • 00:09:06
    You can't even cut open
  • 00:09:07
    my mouth
  • 00:09:08
    with a saw .
  • 00:09:10
    In fact, you can see that it was killed in World War II. It's a living thing,
  • 00:09:12
    but both parties can feel very confident about putting their money
  • 00:09:14
    and valuables in Swiss banks.
  • 00:09:15
    Although there are some ethical issues,
  • 00:09:17
    this can be said to be
  • 00:09:19
    the best advertisement
  • 00:09:20
    for Swiss banking industry's secrecy
  • 00:09:22
    . With the characteristics of secrecy
  • 00:09:23
    and the low tax rate, Switzerland has
  • 00:09:25
    become a tax haven,
  • 00:09:26
    which allowed its bank
  • 00:09:27
    to quickly attract global capital to settle here
  • 00:09:30
    after World War II . The two giant banks
  • 00:09:31
    have grown rapidly.
  • 00:09:31
    The two giant banks
  • 00:09:32
    , UBS and Credit
  • 00:09:34
    Suisse, have also continued to strengthen
  • 00:09:36
    their confidentiality and security characteristics.
  • 00:09:38
    You see, Switzerland has dug a lot of bunkers and tunnels.
  • 00:09:41
    UBS simply bought some caves
  • 00:09:43
    and hid its vaults under the Alps.
  • 00:09:45
    Credit Suisse
  • 00:09:46
    simply hid its safes underwater.
  • 00:09:47
    Although you don’t think it is necessary
  • 00:09:49
    , You sound very safe.
  • 00:09:51
    This reputation spreads further
  • 00:09:52
    and further.
  • 00:09:53
    In various movies and television works
  • 00:09:54
    , Switzerland can be said to be
  • 00:09:56
    synonymous with the highest level of confidentiality
  • 00:09:58
    . I remember that in "The Wolf of Wall Street",
  • 00:09:59
    Swiss banks were used to launder money.
  • 00:10:01
    "The Da Vinci Code"
  • 00:10:02
    also used Swiss anonymous accounts.
  • 00:10:04
    In "The Bourne Supremacy"
  • 00:10:04
    , they used Swiss safe deposit boxes to get passports and money.
  • 00:10:06
    "007" has more.
  • 00:10:08
    So when I was a child, I felt that
  • 00:10:09
    this Swiss vault
  • 00:10:10
    was the most mysterious
  • 00:10:12
    and safest place in the world
  • 00:10:14
    . In short, Switzerland has banking laws, low taxes
  • 00:10:16
    , and media propaganda
  • 00:10:18
    have jointly promoted the rapid expansion of Switzerland's private banking industry.
  • 00:10:20
    After UBS acquired Credit Suisse in 2023,
  • 00:10:22
    the scale of assets under management
  • 00:10:23
    has reached 5.8 trillion U.S. dollars
  • 00:10:25
    , which is 7 times the Swiss GDP.
  • 00:10:29
    Although if you look at the Swiss banking industry alone,
  • 00:10:31
    its impact on Swiss GD P's contribution may not be that outstanding,
  • 00:10:33
    less than 10%
  • 00:10:34
    , but it
  • 00:10:35
    has a huge joint effect
  • 00:10:37
    through the business card effect
  • 00:10:38
    of attracting rich people from outside.
  • 00:10:39
    It has also become a vital engine of the Swiss economy
  • 00:10:44
    . However, if you think of such a good confidentiality mechanism,
  • 00:10:46
    the purpose of the money saved by these rich people
  • 00:10:48
    may not be very clean.
  • 00:10:50
    The most common one is tax evasion.
  • 00:10:51
    Many
  • 00:10:53
    people may go to the Cayman Islands
  • 00:10:55
    to build an offshore shell company
  • 00:10:57
    . Then I opened an account in Switzerland
  • 00:10:58
    in the name of this company
  • 00:10:59
    so that I can hide the owner behind the bank account.
  • 00:11:02
    We talked about the Cayman Islands before.
  • 00:11:03
    This is a layer of information isolation.
  • 00:11:04
    The Swiss bank separates another layer of information
  • 00:11:06
    so that no matter whether it is the United States, Europe
  • 00:11:07
    , or whoever wants this information,
  • 00:11:09
    Switzerland can not give it to Switzerland
  • 00:11:10
    . Then you can evade taxes by hiding income.
  • 00:11:12
    Of course, I emphasize that
  • 00:11:13
    this was before and
  • 00:11:14
    you can't do this now.
  • 00:11:15
    We will talk about
  • 00:11:16
    it later. Tax evasion may be considered relatively clean.
  • 00:11:18
    There are also a large number of criminals
  • 00:11:19
    who will put dirty money in Switzerland.
  • 00:11:22
    For example, former Philippine President Marx
  • 00:11:24
    embezzled more than 10 billion US dollars in
  • 00:11:25
    bribes from 1965 to 1986. This was rated as
  • 00:11:27
    the largest government theft in history
  • 00:11:29
    by Guinness World Records.
  • 00:11:31
    Where did Marx put the stolen money
  • 00:11:33
    ? Hey, they used many anonymous accounts
  • 00:11:35
    to put the money. After arriving at a Swiss bank,
  • 00:11:36
    after 16 years of litigation
  • 00:11:38
    , the crime was characterized, and
  • 00:11:39
    the Swiss government
  • 00:11:40
    returned US$683 million to the Philippine government
  • 00:11:42
    . Similarly, many politicians, such as the former president of Nigeria and
  • 00:11:44
    the former president of Iraq, etc.,
  • 00:11:45
    would save money in Swiss banks
  • 00:11:47
    , and the savings would be hundreds of millions of dollars.
  • 00:11:49
    These are just the ones that have been exposed.
  • 00:11:51
    In fact, they are definitely just the tip of the iceberg.
  • 00:11:52
    Others, like some drug lords and fraud groups, are There
  • 00:11:55
    are countless bank accounts in Switzerland .
  • 00:11:57
    This confidentiality mechanism in Switzerland
  • 00:11:59
    has become a corner of global capital that hides evil.
  • 00:12:02
    In 1997, there was a young man named Meili who was less than 30 years old.
  • 00:12:05
    He was working as a guard at a Swiss bank and
  • 00:12:07
    accidentally discovered that
  • 00:12:08
    UBS was destroying
  • 00:12:10
    asset documents related to Jewish orphans during the Holocaust.
  • 00:12:11
    In fact, it was equivalent to
  • 00:12:12
    UBS trying to
  • 00:12:14
    appropriate some assets left over by the Nazis
  • 00:12:16
    during World War II . So Meili She secretly took these documents home
  • 00:12:18
    and handed them over to a Jewish organization.
  • 00:12:20
    Finally, the documents were made public.
  • 00:12:23
    Mellie became the first
  • 00:12:24
    person wanted by the Swiss federal government
  • 00:12:26
    for violating the Swiss Banking Act
  • 00:12:27
    and had to rush to the United States.
  • 00:12:29
    After seeing the information in these documents, the public
  • 00:12:31
    condemned the Swiss bank overwhelmingly.
  • 00:12:34
    Finally, in August 1998,
  • 00:12:35
    UBS
  • 00:12:36
    reached an agreement with Jewish victims of US$1.25 billion. Yuan's settlement
  • 00:12:38
    also reached a settlement of US$750,000 with Meili. Although
  • 00:12:40
    this matter
  • 00:12:41
    was settled
  • 00:12:42
    , there is no doubt that
  • 00:12:43
    he opened a hole
  • 00:12:44
    to let the public see
  • 00:12:46
    the ulterior side of the Swiss banking industry. It was also
  • 00:12:47
    a very critical turning point for
  • 00:12:48
    the entire industry.
  • 00:12:50
    Don't look at the overheating of global capital in the next 10 years.
  • 00:12:53
    The Swiss banking industry also followed suit and started a party,
  • 00:12:55
    but in fact this was more like a "doomsday party"
  • 00:12:58
    After 2005,
  • 00:13:00
    a series of internal documents about the Swiss banking industry were exposed,
  • 00:13:02
    revealing that they used various methods
  • 00:13:03
    to help overseas customers evade taxes.
  • 00:13:05
    In 2009, UBS reached an agreement with the U.S. Department of Justice
  • 00:13:08
    to pay a $780 million fine
  • 00:13:09
    and provided the United States with the account information of more than 4,000 customers.
  • 00:13:13
    The original small hole
  • 00:13:14
    was suddenly opened,
  • 00:13:16
    including countries such as Germany, France, and Belgium. The country
  • 00:13:18
    began to investigate whether Swiss banks
  • 00:13:20
    helped their citizens to evade taxes.
  • 00:13:21
    Due to pressure from governments and public opinion, Switzerland
  • 00:13:23
    has signed information exchange agreements with the United States and the European Union.
  • 00:13:26
    Account information involving residents of these countries
  • 00:13:28
    needs to be shared with their governments.
  • 00:13:30
    Although there are still many restrictions on the sharing of information,
  • 00:13:32
    Switzerland still has many restrictions.
  • 00:13:33
    Although its confidentiality system
  • 00:13:34
    still applies to all Swiss citizens,
  • 00:13:36
    but in Internationally,
  • 00:13:37
    the label of secrecy that Switzerland was famous for in the past half century
  • 00:13:40
    has actually been in name only.
  • 00:13:43
    Since 2008,
  • 00:13:44
    Switzerland's financial industry has been on a decline.
  • 00:13:45
    Although it is not that
  • 00:13:46
    the rich have directly withdrawn their capital on a large scale
  • 00:13:48
    , the competitiveness of the overall banking industry
  • 00:13:50
    is definitely incomparable with those of the big banks in the United States.
  • 00:13:51
    The GDP share of the Swiss banking industry
  • 00:13:53
    has also dropped from 11.2 in 2007
  • 00:13:55
    to only 8.9% in 2022.
  • 00:13:58
    The two largest Swiss banks
  • 00:14:00
    Credit Suisse in the bank
  • 00:14:00
    was even more so due to the overly aggressive strategies of its investment banking department.
  • 00:14:02
    The management continued to be turbulent, and the
  • 00:14:04
    top management was frequently involved in scandals.
  • 00:14:05
    In addition, the market was so volatile
  • 00:14:06
    that it suffered a run in 2023.
  • 00:14:08
    In the end, the Swiss National Bank intervened strongly
  • 00:14:09
    and put
  • 00:14:10
    a knife on the necks of the two banks
  • 00:14:12
    . UBS finally acquired Credit Suisse for US$3.25 billion.
  • 00:14:14
    At that time, there was a lot of fuss.
  • 00:14:16
    Look, this building
  • 00:14:17
    turned out to be Credit Suisse. Suisse’s global headquarters
  • 00:14:19
    , look at the current brand UBS UBS UBS
  • 00:14:22
    has all been replaced by UBS
  • 00:14:23
    , but anyway,
  • 00:14:24
    secrecy has allowed Swiss banks
  • 00:14:25
    to reap a huge dividend.
  • 00:14:28
    And let me tell you,
  • 00:14:29
    Harry Switzerland ’s idea of ​​​​secrecy
  • 00:14:31
    is actually not just about banks.
  • 00:14:32
    The secrets he can keep are not limited to money.
  • 00:14:34
    Friends, look at the building behind me, which
  • 00:14:36
    is very inconspicuous,
  • 00:14:37
    but it But there is an invisible vault
  • 00:14:39
    that is famous among the world's richest people.
  • 00:14:41
    It has about 1.2 million collections,
  • 00:14:43
    which is equivalent to two Louvres
  • 00:14:44
    . There are thousands of Picasso paintings alone,
  • 00:14:46
    Van Gogh, Monet, and Da Vinci.
  • 00:14:48
    Statistics estimate that
  • 00:14:49
    the total value of this collection exceeds 100 billion U.S. dollars.
  • 00:14:51
    It is also known as
  • 00:14:52
    the world's largest invisible vault. Art Museum
  • 00:14:55
    , and this place
  • 00:14:55
    is also the core of many underground transactions,
  • 00:14:57
    tax avoidance, tax evasion and money laundering.
  • 00:14:59
    This is the Geneva Free Port.
  • 00:15:03
    Although it is called a Port
  • 00:15:05
    , it has no water or ships.
  • 00:15:06
    It is a tax-free special economic zone.
  • 00:15:08
    In fact, many countries
  • 00:15:10
    will set up this kind of free trade
  • 00:15:11
    in order to promote trade and attract overseas investment . Zones,
  • 00:15:13
    free economic zones, and other special economic zones.
  • 00:15:15
    Many economic activities
  • 00:15:16
    in these special zones
  • 00:15:17
    , such as investment, processing, import and export, etc.
  • 00:15:19
    , are exempt from tariffs.
  • 00:15:20
    Free ports also belong to a type of special economic zones.
  • 00:15:22
    In fact, they are a bit like a tax-free temporary storage locker
  • 00:15:25
    . For example,
  • 00:15:26
    you want to temporarily store this goods here.
  • 00:15:28
    After that, I will transport this kind of transit goods.
  • 00:15:30
    Then I will no longer charge you import and export duties.
  • 00:15:32
    You just need to pay a storage fee.
  • 00:15:34
    This kind of free port is very common in many countries.
  • 00:15:36
    There are almost more than 600 free ports in the world.
  • 00:15:38
    What is different about
  • 00:15:40
    the free port of Geneva ?
  • 00:15:41
    In addition to tax exemption, it
  • 00:15:42
    also has a very big selling point
  • 00:15:44
    . Yes, it is to keep
  • 00:15:46
    the identity of the previous storer
  • 00:15:48
    confidential , the source and value of the items. It is strictly confidential.
  • 00:15:50
    You can operate this port anonymously by setting up a shell company.
  • 00:15:52
    You may know that
  • 00:15:53
    there is a very mysterious company in Cayman
  • 00:15:55
    that puts a box of an artwork
  • 00:15:57
    with unknown contents.
  • 00:15:58
    Anyway, I don’t care what it is.
  • 00:15:59
    I will just be responsible for collecting the storage fee.
  • 00:16:01
    You see, this confidentiality system
  • 00:16:02
    is very important for the art collection industry
  • 00:16:04
    . You see, it is tax-free and
  • 00:16:07
    There are many collectors who keep secrets.
  • 00:16:09
    What will he do?
  • 00:16:10
    For example, if he paid a lot of money to buy an art piece , he
  • 00:16:12
    doesn’t need to transport it back to his country
  • 00:16:13
    . I’ll just put it in the Geneva Free Port.
  • 00:16:15
    I can store it for several years or decades
  • 00:16:17
    , and then I can find the right buyer at the right time
  • 00:16:18
    and sell it.
  • 00:16:20
    This way, I don’t have to pay VAT or customs duties.
  • 00:16:22
    He may not have seen the art at all during the whole process
  • 00:16:25
    . For those
  • 00:16:26
    collectors of extremely expensive art,
  • 00:16:28
    it is mainly an investment behavior
  • 00:16:30
    , just like buying stocks.
  • 00:16:31
    He does not intend to hang it at home to carefully appreciate
  • 00:16:33
    the art . It may not have moved at all
  • 00:16:35
    in a small warehouse in this free port
  • 00:16:36
    , but the transaction records there have been bought and sold, and
  • 00:16:39
    the value has doubled. I don’t know how many times.
  • 00:16:41
    Later, this has to
  • 00:16:42
    attract him
  • 00:16:42
    to the free port. He bought a lot of art,
  • 00:16:44
    so he added a full set of services to himself
  • 00:16:46
    , such as top-notch security,
  • 00:16:48
    some art experts
  • 00:16:49
    , and even restoration, maintenance, insurance of cultural relics, etc.
  • 00:16:52
    You can even hold an art exhibition
  • 00:16:54
    in this free port
  • 00:16:55
    , no problem.
  • 00:16:57
    In fact, it attracts more than just art,
  • 00:16:59
    including red wine, antiques, etc.
  • 00:17:01
    In short, those imports and exports may involve a lot of taxes
  • 00:17:03
    , but you are not afraid of it. Anything stored for a long time
  • 00:17:06
    can be brought into this free port.
  • 00:17:07
    Of course, you can see that its storage facilities and
  • 00:17:08
    various services are so complete.
  • 00:17:10
    The price of storage is really expensive.
  • 00:17:11
    For an ordinary-sized painting,
  • 00:17:13
    the storage fee for that
  • 00:17:13
    month is US$1,000.
  • 00:17:16
    If you want to rent a small storage room,
  • 00:17:17
    it costs US$12,000 a month.
  • 00:17:18
    How expensive is it?
  • 00:17:21
    What will such a confidential system attract?
  • 00:17:23
    I believe you have guessed it. There are
  • 00:17:24
    a large number of illegal artworks and cultural relics.
  • 00:17:27
    The Geneva Free Port
  • 00:17:27
    has been involved in many cases related to smuggling and money laundering.
  • 00:17:30
    In fact, there are many similar cases.
  • 00:17:31
    After 2005,
  • 00:17:32
    in order to close the trading channels of illegal cultural property,
  • 00:17:34
    Switzerland passed a series of bills
  • 00:17:36
    requiring all cultural relics imported into Switzerland
  • 00:17:38
    to declare the source, owner and value.
  • 00:17:40
    Therefore, since then,
  • 00:17:41
    there have been many
  • 00:17:42
    newly stored cultural relics. Detailed files,
  • 00:17:44
    but most of the ones that were deposited before 2009
  • 00:17:45
    still don’t know who the owner is
  • 00:17:48
    and how much
  • 00:17:48
    they are worth.
  • 00:17:49
    In Switzerland, you can’t take any compulsory measures,
  • 00:17:51
    otherwise it would be like destroying your own brand,
  • 00:17:53
    so you can only keep some unknown mysterious boxes
  • 00:17:56
    for these anonymous companies who don’t
  • 00:17:58
    know who they are . How many treasures are hidden in this free port
  • 00:18:00
    is still a mystery.
  • 00:18:02
    One of Switzerland's core strategies is neutrality
  • 00:18:04
    , and one of the key points in maintaining neutrality is
  • 00:18:06
    to keep confidentiality from all clients.
  • 00:18:07
    This became a trump card in attracting
  • 00:18:10
    the global wealth of the world's richest people in the 20th century
  • 00:18:13
    . But in the 21st century,
  • 00:18:14
    various confidentiality agreements began to fall apart.
  • 00:18:16
    This also marked the end of the Swiss secrecy era.
  • 00:18:19
    In fact, he could no longer reap
  • 00:18:20
    the dividends brought by these gray industries behind secrecy.
  • 00:18:22
    But the Swiss economy It has not gone downhill.
  • 00:18:25
    On the contrary, it is still
  • 00:18:27
    strong and rising against the trend
  • 00:18:28
    in an environment that is deeply affected by the European debt crisis
  • 00:18:30
    . Why is this
  • 00:18:31
    ? In fact,
  • 00:18:32
    Switzerland has already explored some new ace industries.
  • 00:18:34
    It has long been no longer relying on secrecy.
  • 00:18:36
    First, let me test you.
  • 00:18:38
    Do you know who the three companies with the highest market value in Switzerland are?
  • 00:18:40
    There is no big bank in the world, UBS,
  • 00:18:42
    and it is not Rolex.
  • 00:18:43
    In fact, it is Roche, Nestlé and Novartis,
  • 00:18:46
    do you see that
  • 00:18:46
    two of the top three are in the pharmaceutical industry?
  • 00:18:49
    This is very clear.
  • 00:18:50
    One of the major driving industries for the Swiss economy
  • 00:18:52
    is pharmaceutical and chemical industry.
  • 00:18:54
    Look at the distribution of Swiss export products in the past 25 years.
  • 00:18:57
    The
  • 00:18:58
    red part at the bottom is pharmaceutical.
  • 00:19:01
    Now, pharmaceutical and chemical industry
  • 00:19:02
    has accounted for half of Switzerland’s exports.
  • 00:19:04
    This is why
  • 00:19:05
    you see the European debt crisis around us. The country is besieged on all sides,
  • 00:19:06
    but Switzerland's per capita GDP is still soaring.
  • 00:19:09
    In fact, if you look at this picture
  • 00:19:10
    , you can better understand
  • 00:19:11
    why Switzerland is unwilling to join the EU,
  • 00:19:12
    right? Who is willing to join you?
  • 00:19:14
    You don't weigh how much you weigh, how much
  • 00:19:15
    do I earn, how much do you earn, right? Are you
  • 00:19:18
    kidding?
  • 00:19:19
    You said why Switzerland's pharmaceutical industry is so powerful
  • 00:19:21
    ? There must be some factors of chance,
  • 00:19:23
    but Switzerland is stable. It has a certain political environment,
  • 00:19:25
    high-quality talent
  • 00:19:26
    , relatively friendly taxation
  • 00:19:27
    , and its currency, the Swiss franc, is also very stable.
  • 00:19:29
    These factors
  • 00:19:30
    have given the pharmaceutical industry
  • 00:19:31
    a very favorable soil environment
  • 00:19:33
    . The pharmaceutical industry itself has a scarcity of talents, and
  • 00:19:35
    its agglomeration effect will be very obvious.
  • 00:19:37
    Therefore, Switzerland has gradually attracted
  • 00:19:39
    talent companies from all over Europe and even the world to settle here.
  • 00:19:41
    This industry accounts
  • 00:19:42
    for its proportion in GDP. It’s not necessarily very high
  • 00:19:44
    , but you know it plays a very important role
  • 00:19:46
    in the Swiss economy.
  • 00:19:47
    That is, it can raise the average income of Swiss people.
  • 00:19:49
    Of course, it also pushes up its prices.
  • 00:19:51
    Do you know how much the average monthly salary
  • 00:19:51
    in the Swiss pharmaceutical industry is?
  • 00:19:54
    It can reach 11,500 US dollars
  • 00:19:56
    , which is an average monthly salary of 83,000 RMB.
  • 00:19:59
    And you know
  • 00:20:01
    who ranks third in global per capita GDP, following Switzerland. Well
  • 00:20:03
    , Ireland
  • 00:20:04
    has such a high per capita GDP.
  • 00:20:05
    In fact, it is largely driven by the pharmaceutical industry.
  • 00:20:09
    The second largest contributor to the Swiss economy
  • 00:20:11
    is its manufacturing industry,
  • 00:20:12
    especially machine tools and precision instruments.
  • 00:20:14
    It can be said to be the world leader.
  • 00:20:15
    It originally
  • 00:20:16
    originated from the textile industry in the 19th century.
  • 00:20:18
    After that, Swiss companies began to mechanize production
  • 00:20:20
    and develop their own machines.
  • 00:20:21
    Later,
  • 00:20:21
    they discovered that hey,
  • 00:20:22
    I seem to be manufacturing The talent for machines is
  • 00:20:24
    stronger than textiles
  • 00:20:25
    , so slowly
  • 00:20:26
    many family businesses have been born in Switzerland.
  • 00:20:28
    They insist on specializing in a certain niche.
  • 00:20:30
    For example, I process a gear
  • 00:20:32
    or a particularly precise part
  • 00:20:33
    and make a product to the extreme.
  • 00:20:35
    In the end, the integrated precision instruments
  • 00:20:36
    have very high technical barriers
  • 00:20:37
    around the world.
  • 00:20:39
    For example, there is a company called Schindler
  • 00:20:40
    , which you may have never heard of.
  • 00:20:41
    You must have seen this LOGO.
  • 00:20:43
    It is one of the largest
  • 00:20:45
    escalator companies in the world
  • 00:20:46
    , including ABB. Liebherr
  • 00:20:48
    is a giant in the manufacturing industry
  • 00:20:49
    , and the pinnacle of precision manufacturing is its watches.
  • 00:20:51
    This Swiss watch
  • 00:20:52
    can be said to be synonymous with luxury watches.
  • 00:20:53
    Although its output is less than 2% in the world
  • 00:20:55
    , it contributes more than 50% of its profits.
  • 00:20:58
    Swiss machinery has been around since the 19th century.
  • 00:20:59
    Pocket watches began to be produced on a large scale. By the beginning of the 20th century,
  • 00:21:02
    mechanical watches
  • 00:21:03
    had accounted for 40% of the global total
  • 00:21:05
    . However, they were later
  • 00:21:06
    impacted by Japanese quartz watches.
  • 00:21:07
    Swiss mechanical watches were once in danger
  • 00:21:09
    . Longines Radar Omega was on the verge of bankruptcy
  • 00:21:12
    , and the two fell into financial difficulties. The company
  • 00:21:14
    merged in 1983
  • 00:21:16
    and launched an
  • 00:21:16
    unexpected watch brand
  • 00:21:18
    Swatch.
  • 00:21:20
    Its core concept is low-cost art and fashion.
  • 00:21:23
    Most of the watches are plastic cases.
  • 00:21:25
    It can be said that it completely subverted the image of traditional watches and
  • 00:21:27
    quickly became popular in the global market.
  • 00:21:28
    It has helped the Swiss watch industry withstand the impact
  • 00:21:29
    to a large extent. It has also
  • 00:21:31
    completed the high-end transformation with many brands
  • 00:21:33
    through the operation of capital.
  • 00:21:35
    Do you know who the world's largest watch group is?
  • 00:21:37
    It's not Rolex
  • 00:21:38
    or LVMH,
  • 00:21:39
    it's the Swatch Group.
  • 00:21:41
    Now it's like Omega. Longines, Hamilton,
  • 00:21:44
    Radar, Tissot, Breguet and other brands are all owned by the Swatch Group.
  • 00:21:47
    In fact, I feel that the education system of
  • 00:21:47
    Harris is a key reason for its success
  • 00:21:49
    in precision manufacturing and
  • 00:21:50
    watchmaking.
  • 00:21:52
    Its education system is very unique. It
  • 00:21:54
    adopts a dual-track system
  • 00:21:56
    with only about 1/3 of the people.
  • 00:21:57
    Like most other countries,
  • 00:21:58
    from primary school to university
  • 00:22:00
    , 2/3 of students will go through a
  • 00:22:02
    system called apprenticeship.
  • 00:22:04
    After receiving nine years of compulsory education, they
  • 00:22:06
    directly go to the company as an intern, which
  • 00:22:07
    is called an apprentice.
  • 00:22:08
    This apprenticeship lasts for four years,
  • 00:22:09
    about 3-4 days a week, for example,
  • 00:22:11
    directly to the company for internship
  • 00:22:12
    and then has 1 -Two days
  • 00:22:13
    to complete some relevant knowledge learning at school.
  • 00:22:15
    Large companies will set up apprenticeship programs
  • 00:22:17
    to recruit apprentices
  • 00:22:18
    . Students are really equivalent to
  • 00:22:20
    having to interview
  • 00:22:21
    and find jobs
  • 00:22:22
    after graduating from junior high school, so they force you to think about yourself when you are 15 years old.
  • 00:22:24
    Who am I? I
  • 00:22:26
    am forced to do whatever I want to do. Parents should get to know their children
  • 00:22:28
    and help them choose careers.
  • 00:22:30
    Anyway, this kind of education system that diverts students in advance
  • 00:22:32
    must have its pros and cons.
  • 00:22:33
    However, for industries such as precision
  • 00:22:35
    watch manufacturing, which are complex
  • 00:22:36
    and require the accumulation of experience,
  • 00:22:38
    it is actually very beneficial.
  • 00:22:39
    It has also made Switzerland a world-famous manufacturing industry and manufacturing industry. I think
  • 00:22:42
    in the watch industry ,
  • 00:22:43
    I don’t know if you feel that
  • 00:22:44
    Swiss manufacturing
  • 00:22:45
    has actually formed its own brand now.
  • 00:22:47
    Although Swiss watches are not sold in many and
  • 00:22:49
    the GDP is not high
  • 00:22:50
    , the brand effect it brings to the country of Switzerland
  • 00:22:53
    is actually immeasurable.
  • 00:22:54
    You just need to label it Swiss. The price of Made
  • 00:22:56
    can't wait to double.
  • 00:22:58
    It's not just watches,
  • 00:22:59
    military knives, or even chocolate, cheese, milk
  • 00:23:02
    . These are all high-end and expensive.
  • 00:23:04
    Either that, it's a scam,
  • 00:23:05
    or the prices are inflated.
  • 00:23:06
    This is actually determined by market supply and demand.
  • 00:23:08
    Everyone thinks that the trust behind Swiss manufacturing
  • 00:23:11
    is a luxury product.
  • 00:23:12
    Its profit margin will be high
  • 00:23:13
    to a certain extent, and you can avoid competing with other countries
  • 00:23:15
    for labor costs and profit margins.
  • 00:23:17
    Look,
  • 00:23:17
    create a What a luxury brand needs
  • 00:23:19
    is, first of all, quality control.
  • 00:23:20
    The product itself, from design to manufacturing,
  • 00:23:22
    must be very good.
  • 00:23:23
    That’s for sure.
  • 00:23:24
    That’s not enough.
  • 00:23:24
    You also need scarcity
  • 00:23:26
    , so the supply is very small.
  • 00:23:27
    What’s more, it’s very important
  • 00:23:29
    to have just the right marketing.
  • 00:23:31
    These three are indispensable
  • 00:23:32
    , and Switzerland
  • 00:23:33
    has all three.
  • 00:23:36
    Look at Switzerland.
  • 00:23:37
    First of all, it
  • 00:23:37
    doesn’t matter watches, military knives, chocolate cheese,
  • 00:23:39
    people really
  • 00:23:40
    have this.
  • 00:23:41
    At the same time, Switzerland has limited resources and
  • 00:23:43
    limited manpower
  • 00:23:44
    , and its products are very particular.
  • 00:23:46
    Watches must be handmade,
  • 00:23:47
    and the cows would like to send you
  • 00:23:49
    to walk under the Alps.
  • 00:23:50
    The output is indeed very limited.
  • 00:23:52
    The most important thing is that
  • 00:23:52
    Switzerland is a neutral country and
  • 00:23:54
    has
  • 00:23:55
    a unique image.
  • 00:23:56
    In addition, its
  • 00:23:57
    beautiful scenery is as if generated by AI.
  • 00:23:59
    The Alps are also world-famous
  • 00:24:01
    . It seems that it may be impossible to hit
  • 00:24:03
    , but it is potentially shaping Switzerland's national image.
  • 00:24:06
    In fact, this also explains
  • 00:24:07
    why Switzerland's per capita GDP is so high
  • 00:24:09
    and prices are so high.
  • 00:24:09
    It is also a large exporting country.
  • 00:24:11
    You must know that
  • 00:24:12
    Switzerland not only ranks in the top three in per capita GDP
  • 00:24:14
    , but also has ridiculously high prices.
  • 00:24:15
    Zurich and Geneva
  • 00:24:16
    have been ranked among the top ten most expensive cities in the world all year round.
  • 00:24:18
    This is because its prices are too high.
  • 00:24:20
    Many people live in the suburbs. Residents who live abroad
  • 00:24:21
    often go to Italy and France
  • 00:24:24
    to go shopping on weekends
  • 00:24:25
    , which raises the prices of surrounding goods.
  • 00:24:27
    I remember a friend from Switzerland
  • 00:24:29
    joked with me before and said that
  • 00:24:30
    the best thing
  • 00:24:31
    about living in Switzerland is that it is very cheap
  • 00:24:33
    to travel to places around the world.
  • 00:24:36
    Then you said that labor costs in Switzerland are so high.
  • 00:24:38
    If you hire an engineer in Switzerland, you
  • 00:24:40
    might be able to hire a football team in India.
  • 00:24:42
    One of the very important reasons why
  • 00:24:44
    he can still maintain his competitiveness in the international market
  • 00:24:45
    is because of his Swiss-made image.
  • 00:24:47
    He has found
  • 00:24:50
    an industry with high precision and high added value and sufficient market demand.
  • 00:24:51
    Not only has he found one,
  • 00:24:53
    he has found three
  • 00:24:54
    of the three major industries we just mentioned:
  • 00:24:55
    medicine, chemicals, and precision manufacturing watches.
  • 00:24:57
    They are the three major export industries of Switzerland
  • 00:25:00
    , and Switzerland
  • 00:25:01
    also continues to maintain a current account surplus.
  • 00:25:03
    Then, because Switzerland's economy is very strong
  • 00:25:05
    and it is a neutral country and its
  • 00:25:07
    politics are stable,
  • 00:25:07
    it brings a
  • 00:25:09
    trouble to Switzerland that may sound a bit like Versailles
  • 00:25:11
    , which is that the demand for its currency, the Swiss franc,
  • 00:25:13
    is too strong.
  • 00:25:16
    Every time the global economy is turbulent,
  • 00:25:18
    global capital flocks to the Swiss franc
  • 00:25:20
    to push it to appreciate sharply.
  • 00:25:21
    What will happen
  • 00:25:22
    if the demand for the currency is too strong
  • 00:25:23
    ? It will have a great impact on Switzerland's exports.
  • 00:25:25
    So what
  • 00:25:25
    happens to Switzerland
  • 00:25:27
    ? In order to control the Swiss franc
  • 00:25:28
    from appreciating too much, the Swiss National Bank
  • 00:25:29
    had to adjust the interest rate to very, very low
  • 00:25:32
    all year round. Especially after the 2008 financial crisis
  • 00:25:34
    and the subsequent European debt crisis,
  • 00:25:35
    the
  • 00:25:37
    Swiss franc continued to appreciate. The Swiss National Bank continued to inject liquidity into the market
  • 00:25:40
    to offset
  • 00:25:41
    the excessive demand for the Swiss franc.
  • 00:25:42
    It also took the lead in lowering the interest rate to 0.25%
  • 00:25:44
    , but the market continued to buy.
  • 00:25:47
    At the height of the Greek debt crisis in 2011,
  • 00:25:49
    economists estimated based on the Big Mac Index
  • 00:25:51
    that the Swiss franc was overvalued against the U.S. dollar by 98%.
  • 00:25:56
    The Swiss National Bank couldn't sit still.
  • 00:25:57
    The pressure of such endless appreciation
  • 00:25:58
    on Swiss exports
  • 00:26:00
    was too great,
  • 00:26:00
    and it suddenly made a big move
  • 00:26:02
    and announced that the euro was against the Swiss franc. A lower limit of the franc is 1.2.
  • 00:26:04
    As long as this limit is exceeded ,
  • 00:26:06
    the central bank will buy unlimitedly.
  • 00:26:07
    At the same time, it lowered the interest rate to zero
  • 00:26:09
    , which was really zero.
  • 00:26:10
    At that time, it really shocked the entire market.
  • 00:26:13
    The Swiss franc immediately ushered in the largest drop in history.
  • 00:26:15
    The euro against the Swiss franc
  • 00:26:16
    bounced back to above 1.2 in an instant.
  • 00:26:18
    You see, everyone has a hard-to-read experience.
  • 00:26:20
    Let the Eurozone beg those capitals to say don’t leave, don’t sell
  • 00:26:23
    Swiss francs, and beg capital to say
  • 00:26:25
    don’t come, don’t buy them.
  • 00:26:27
    But it’s not over yet.
  • 00:26:28
    Because the European debt crisis continues to ferment,
  • 00:26:30
    the market demand for Swiss francs is still very strong.
  • 00:26:32
    Normally the Swiss National Bank should lower interest rates,
  • 00:26:33
    but the interest rates are already 0.
  • 00:26:35
    Why do you want to lower them?
  • 00:26:36
    Why can’t they lower them? Right?
  • 00:26:39
    He lowered the interest rate to negative 0.75% in 2014
  • 00:26:42
    , but even so
  • 00:26:43
    , he still failed to suppress the pressure of Swiss franc appreciation.
  • 00:26:45
    Less than a month later,
  • 00:26:46
    on January 15, 2015,
  • 00:26:47
    the Swiss National Bank suddenly announced that
  • 00:26:48
    it had lifted the 1.2 limit of EUR/CHF.
  • 00:26:51
    The whole market was shocked again.
  • 00:26:53
    Swiss franc kua It skyrocketed by another 15%.
  • 00:26:56
    After the outbreak of the Russo-Ukrainian war
  • 00:26:57
    , the Swiss franc continued to appreciate as expected.
  • 00:26:59
    Now it is worth more than the US dollar and the euro.
  • 00:27:01
    So you see,
  • 00:27:01
    the Swiss National Bank
  • 00:27:02
    is really worried that everyone's demand for the Swiss franc
  • 00:27:04
    is too strong and too enthusiastic, which will
  • 00:27:06
    affect exports.
  • 00:27:07
    And he is so thunderous. The rigorous policy management style
  • 00:27:09
    shocked the market twice,
  • 00:27:11
    causing many funds to liquidate and close down,
  • 00:27:12
    which also frightened market traders.
  • 00:27:14
    The Swiss National Bank's little bell and push notification
  • 00:27:16
    must be turned on,
  • 00:27:17
    and you must be prepared to be shocked at any time.
  • 00:27:20
    Why does the Swiss National Bank often shock the market
  • 00:27:23
    ? Because its concept is that the information is opaque. The strategy
  • 00:27:25
    is that I make decisions and policies
  • 00:27:28
    without any warning beforehand
  • 00:27:28
    . I won’t give you all the fictitious
  • 00:27:30
    information. I will publish
  • 00:27:31
    it as soon as I come up.
  • 00:27:32
    Unlike the Federal Reserve, which emphasizes full communication
  • 00:27:34
    and various language skills to release signals and expectation management,
  • 00:27:37
    it is exactly the opposite.
  • 00:27:39
    We all know that
  • 00:27:40
    the Swiss franc and the Japanese yen
  • 00:27:41
    are two world-famous safe-haven currencies.
  • 00:27:43
    They both appear
  • 00:27:45
    to buy and appreciate when encountering turbulent markets.
  • 00:27:47
    In fact,
  • 00:27:48
    the logic behind them is completely different.
  • 00:27:50
    The Japanese yen
  • 00:27:51
    is largely due to the large number of carries. Trade
  • 00:27:53
    carry trade
  • 00:27:54
    includes Japan
  • 00:27:54
    itself, which has a lot of external investments.
  • 00:27:56
    Once turmoil occurs,
  • 00:27:57
    overseas capital will flow back,
  • 00:27:58
    including the unwinding of carry trades
  • 00:27:59
    , which will lead to the appreciation of the yen.
  • 00:28:01
    I would say that
  • 00:28:02
    the Swiss franc
  • 00:28:02
    is a real safe haven currency.
  • 00:28:04
    Everyone just thinks it can be a safe haven,
  • 00:28:05
    the economy is reliable, the currency is stable
  • 00:28:07
    , and they run to avoid risks.
  • 00:28:08
    This is why the Swiss franc has negative interest rates
  • 00:28:10
    , but
  • 00:28:10
    there is not much capital to use it for carry trades in the market
  • 00:28:12
    because of arbitrage. As for interest rate trading,
  • 00:28:13
    you need to continue to short the Swiss franc
  • 00:28:15
    for such an appreciation method, right?
  • 00:28:17
    Who can bear to keep shorting it?
  • 00:28:18
    Not to mention that the Swiss National Bank
  • 00:28:19
    will shock you from time to time.
  • 00:28:21
    Investors in the market must not be able to bear it.
  • 00:28:25
    And you think about it,
  • 00:28:25
    the Swiss central bank
  • 00:28:27
    keeps selling Swiss francs in order to lower the Swiss franc
  • 00:28:28
    and then buys euros or US dollars
  • 00:28:30
    . In addition, in
  • 00:28:30
    Switzerland, its current account has a continuous surplus,
  • 00:28:33
    which makes the Swiss central bank
  • 00:28:34
    A large amount of foreign exchange reserves have been accumulated,
  • 00:28:36
    reaching a scale of almost one trillion U.S. dollars. It
  • 00:28:38
    ranks third in the world
  • 00:28:39
    after China and Japan
  • 00:28:41
    . It is quite interesting here.
  • 00:28:42
    I looked at it
  • 00:28:42
    , and a quarter of it, which is about 250 billion U.S. dollars
  • 00:28:45
    , is stock
  • 00:28:46
    positions. Most of them are in the U.S. stocks
  • 00:28:47
    , as expected
  • 00:28:48
    , such as Apple, Nvidia, Microsoft, and Amazon.
  • 00:28:51
    Speaking of the Swiss central bank,
  • 00:28:52
    there is another particularly interesting place.
  • 00:28:53
    It is actually the Shanghai Stock Exchange.
  • 00:28:56
    The market value
  • 00:28:56
    means that you can buy the equity of the money-printing institution of
  • 00:28:59
    the country's central bank in Switzerland.
  • 00:29:01
    Doesn't that sound ridiculous
  • 00:29:02
    ? What's even more exaggerated is that
  • 00:29:03
    its market value is only a very pitiful 350 million
  • 00:29:06
    Swiss francs. The Swiss National Bank
  • 00:29:07
    currently has about 66% of the equity
  • 00:29:09
    held by Swiss states and banks.
  • 00:29:10
    The remaining part
  • 00:29:11
    is held by private holders.
  • 00:29:14
    In fact,
  • 00:29:14
    although you can nominally buy its shares
  • 00:29:16
    , you don't have any rights.
  • 00:29:18
    What is the income from buying this stock with any voting rights ?
  • 00:29:19
    The central bank is not a profit-making organization
  • 00:29:21
    .
  • 00:29:21
    You can get up to 15 Swiss francs in dividends per share every year.
  • 00:29:24
    This is the income you earn from buying it.
  • 00:29:26
    So it is nominally a stock
  • 00:29:27
    , but in fact it is more like a bond,
  • 00:29:29
    a perpetual bond that will always pay you interest.
  • 00:29:31
    In fact, the Swiss National Bank is just to play with you.
  • 00:29:33
    As for all the decisions it makes in its own business,
  • 00:29:35
    it must be to protect the country of Switzerland. I'm afraid the stability of a country's
  • 00:29:37
    currency
  • 00:29:38
    has nothing to do
  • 00:29:40
    with the interests of you, the shareholder.
  • 00:29:42
    So why do you do this?
  • 00:29:43
    To be honest,
  • 00:29:44
    a large part of it is historical reasons.
  • 00:29:46
    In the early 20th century,
  • 00:29:47
    the central bank was not the same as it is now.
  • 00:29:49
    At that time, people did not actually think that
  • 00:29:50
    the central bank
  • 00:29:51
    was a core institution similar to the country
  • 00:29:53
    , but more like a bank. In order to ensure that it would not be run on
  • 00:29:55
    , they joined hands to form an organization
  • 00:29:58
    to strengthen consolidation. In fact,
  • 00:29:59
    the credit of the banking industry
  • 00:30:00
    is not limited to Switzerland. You see,
  • 00:30:02
    the purpose of
  • 00:30:03
    the Federal Reserve when
  • 00:30:03
    it was first established was similar. Until now, it is theoretically controlled by many small banks.
  • 00:30:05
    In Switzerland, it
  • 00:30:06
    is more extreme.
  • 00:30:07
    Anyone can buy its stocks in the secondary market.
  • 00:30:10
    This actually reflects
  • 00:30:11
    a very important feature
  • 00:30:13
    of Switzerland's internal management.
  • 00:30:14
    Just now, we said that it is neutral.
  • 00:30:15
    In fact, it is its external style in the international market,
  • 00:30:18
    but its internal system is
  • 00:30:19
    very The main concept is decentralization,
  • 00:30:21
    which emphasizes bottom-up management
  • 00:30:24
    . For example, the central bank allows people to hold shares
  • 00:30:26
    , which is driven by this concept of decentralization.
  • 00:30:28
    Of course, later on, because the central bank is so important,
  • 00:30:30
    this so-called shareholding
  • 00:30:31
    will become a symbolic meaning.
  • 00:30:33
    However, the concept of decentralization in Switzerland
  • 00:30:35
    actually goes deep into all aspects of its national system.
  • 00:30:38
    You see, Switzerland has 26 states
  • 00:30:39
    called 26 Cantons. Each state has
  • 00:30:43
    considerable autonomy, its own education system
  • 00:30:44
    , its own tax policy
  • 00:30:45
    , its own laws
  • 00:30:46
    and even its own language
  • 00:30:47
    . Switzerland has 4 official languages:
  • 00:30:49
    German, French, Italian and Romance languages. At most
  • 00:30:51
    , about 2/3 of the people who speak German here
  • 00:30:53
    have German as their first language
  • 00:30:55
    . This Romance language is already spoken by very few people.
  • 00:30:57
    Only less than 1% of people
  • 00:30:58
    use it as their first language.
  • 00:30:59
    People here speak a wide variety of languages.
  • 00:31:01
    You see, we are in Zurich now
  • 00:31:03
    , which is relatively north of Switzerland.
  • 00:31:05
    It is almost bordering Germany
  • 00:31:05
    , so these people speak German
  • 00:31:07
    , but in the south,
  • 00:31:08
    such as Geneva, which
  • 00:31:08
    is close to France
  • 00:31:09
    , the main language there is French , so they often
  • 00:31:11
    start to switch languages ​​inexplicably
  • 00:31:12
    when communicating with each other .
  • 00:31:14
    More than 2/3 of Swiss people
  • 00:31:15
    speak at least two languages ​​​​every week.
  • 00:31:17
    What are they there?
  • 00:31:18
    You have to make multiple copies of TV programs and product manuals
  • 00:31:20
    . This is very magical
  • 00:31:21
    . Let’s talk about decentralization in Switzerland.
  • 00:31:23
    You see, each state has great power
  • 00:31:25
    . The central core decision-making level
  • 00:31:27
    is not one person, but a federal committee composed of 7 people. The final
  • 00:31:29
    decision is made together.
  • 00:31:30
    And even these 7 people are spread out
  • 00:31:32
    . Generally, there are 4 from the German-speaking area,
  • 00:31:33
    2 from the French-speaking area
  • 00:31:34
    , and 1 from the Italian-speaking area.
  • 00:31:36
    Each term of his president is one
  • 00:31:38
    year , he cannot be re-elected
  • 00:31:39
    , and he is basically not from the same party.
  • 00:31:41
    In fact, this president has a diplomatic title, and his actual rights
  • 00:31:43
    are no different from
  • 00:31:44
    the remaining 6 people on the Federal Council
  • 00:31:46
    .
  • 00:31:46
    Switzerland will hold a referendum
  • 00:31:49
    whenever it encounters a major national decision
  • 00:31:50
    or changes to the constitution.
  • 00:31:51
    Any citizen who has objections or dissatisfaction with the laws approved by the parliament
  • 00:31:54
    can challenge the referendum
  • 00:31:56
    by collecting 50,000 signatures.
  • 00:31:57
    Even any citizen who is dissatisfied with the constitution
  • 00:31:59
    can challenge the referendum
  • 00:32:01
    as long as he collects 100,000 supporters.
  • 00:32:02
    The Swiss really love referendums. Theoretically
  • 00:32:04
    ,
  • 00:32:05
    they have a referendum every quarter.
  • 00:32:07
    If you have something
  • 00:32:08
    to do, you can vote or not.
  • 00:32:09
    On average, they will vote three times a year
  • 00:32:10
    to see
  • 00:32:11
    if there are any major issues to be decided in these three months.
  • 00:32:13
    For example, in 2002,
  • 00:32:14
    Switzerland voted for all people whether to join the United Nations or not
  • 00:32:15
    . At the end of the referendum
  • 00:32:16
    , 54.6% of the people voted Yes
  • 00:32:19
    . Switzerland joined.
  • 00:32:20
    Sometimes you think it doesn't matter much, but
  • 00:32:21
    they will vote for you.
  • 00:32:22
    For example, there was a referendum just in February.
  • 00:32:24
    The question was whether to respect the limits of the earth
  • 00:32:27
    and build a responsible economy.
  • 00:32:28
    In the end, 70% of the people voted No.
  • 00:32:30
    It is not just a referendum. Various
  • 00:32:32
    municipalities
  • 00:32:32
    and villages often organize everyone to vote.
  • 00:32:35
    Sometimes, maybe
  • 00:32:35
    everyone gathers in a big square
  • 00:32:37
    and raises their hands.
  • 00:32:38
    It 's quite funny.
  • 00:32:40
    Anyway, you get what I mean.
  • 00:32:41
    Switzerland has this kind of decentralized political system.
  • 00:32:43
    It doesn't matter, everyone just votes.
  • 00:32:45
    This also makes the Swiss
  • 00:32:45
    very like that. A sense of ownership
  • 00:32:47
    . In fact, this may be
  • 00:32:48
    an important reason why they did not choose to join the European Union.
  • 00:32:51
    I saw a very interesting referendum
  • 00:32:53
    in 2012, which was
  • 00:32:54
    to vote on whether to
  • 00:32:56
    increase the paid annual leave in Switzerland from 4 weeks to 6 weeks.
  • 00:32:58
    To be honest,
  • 00:32:59
    you want to vote. If you want to give yourself more vacation,
  • 00:33:01
    you will definitely choose Yes without thinking.
  • 00:33:02
    But according to the actual voting results,
  • 00:33:04
    66.5% of people voted against,
  • 00:33:06
    and 2/3 of the people said
  • 00:33:07
    no.
  • 00:33:07
    Don’t give me a vacation.
  • 00:33:08
    This is too costly for the overall economy.
  • 00:33:10
    It will do more harm than good in the long run.
  • 00:33:12
    They also rejected it
  • 00:33:13
    in 2002. There is a proposal to shorten the working week
  • 00:33:15
    from 42 hours to 36 hours,
  • 00:33:18
    right? You see,
  • 00:33:18
    I am not saying that
  • 00:33:19
    the decision they voted for is necessarily right,
  • 00:33:21
    but it is easy to have collective irrationality
  • 00:33:23
    in the choice of long-term interests and short-term interests,
  • 00:33:25
    so you can also see that
  • 00:33:26
    the Swiss are really I think it is quite rare
  • 00:33:29
    to cast this vote
  • 00:33:30
    from the perspective of the long-term interests of the country.
  • 00:33:31
    Of course, it is possible.
  • 00:33:33
    This Swiss
  • 00:33:33
    just likes to work
  • 00:33:34
    and is a workaholic.
  • 00:33:37
    You see, we have looked at the price Switzerland
  • 00:33:39
    paid to remain neutral. We
  • 00:33:40
    have looked at Switzerland's secrecy and the rise and fall of the banking industry
  • 00:33:43
    . We have looked at Switzerland's star industries
  • 00:33:44
    and The luxury brand effect it has created
  • 00:33:47
    has seen
  • 00:33:47
    why the Swiss franc has become a world-famous safe haven currency,
  • 00:33:50
    as well as its political decentralization
  • 00:33:51
    and pragmatic education system.
  • 00:33:54
    To be honest, these may be
  • 00:33:56
    the reasons why Switzerland’s per capita GDP is so high.
  • 00:33:58
    It is difficult to summarize it in one or two sentences,
  • 00:34:00
    but in the end In recent years,
  • 00:34:01
    the Swiss economy has indeed continued
  • 00:34:03
    to face huge challenges.
  • 00:34:05
    We have talked about Singapore before,
  • 00:34:06
    and it feels a bit like Switzerland.
  • 00:34:07
    They have figured out a set of logic to make money in the global capital market
  • 00:34:09
    and trade market.
  • 00:34:11
    However, Switzerland
  • 00:34:12
    obviously feels more like
  • 00:34:14
    old money.
  • 00:34:14
    It has more foundation,
  • 00:34:15
    but its economic transformation is also It will be more difficult.
  • 00:34:17
    For example, as we mentioned,
  • 00:34:18
    the disappearance of confidentiality agreements
  • 00:34:20
    has exhausted the Swiss banking industry's leading edge.
  • 00:34:22
    The continued economic sluggishness
  • 00:34:23
    in other European countries around it
  • 00:34:24
    has sluggish demand . There is no sign of re-acceleration in the short term.
  • 00:34:26
    Deglobalization may have a negative impact
  • 00:34:28
    on Switzerland's pharmaceutical precision manufacturing industry
  • 00:34:31
    supply chain and demand. Forming a double blow,
  • 00:34:36
    I think these are very low-level
  • 00:34:38
    long-term challenges and impacts on the Swiss economy.
  • 00:34:40
    Do you think the old money can withstand the impact of the times? Maybe
  • 00:34:43
    we can make another video
  • 00:34:44
    in 20 years to see,
  • 00:34:49
    then let’s continue climbing the mountain
  • 00:35:00
    ... How about an invisible vault
  • 00:35:04
    ? I read the lyrics
  • 00:35:07
    hahaha, the wind is so strong,
  • 00:35:10
    my legs are a little weak
Tag
  • Switzerland
  • Economy
  • Neutrality
  • Banking
  • Pharmaceuticals
  • Manufacturing
  • GDP
  • Secrecy
  • Education
  • Challenges